The focus of the essays in this volume is on the problems and policy concerns emerging in particular sectors. The issues discussed relate to the transition from a situation of credit constraint to one of excess liquidity; the source of fiscal imbalances and the measures for their correction; economic and policy implications of FCI's excess food stocks and the rapid build-up of foreign exchange reserves; the pros and cons of Foreign Institutional Investment (FIIs); and the strengths and weaknesses of the banking system under the liberalized regime. The problems and issues addressed in these essays are diverse, and so is their focus and emphasis. However, the unifying factor is their analysis that draws on a macro-theoretic framework appropriate to the Indian economy. An unusual blend of theory, policy and reality, this volume will interest students and researchers in development economics, economists, policymakers, and readers interested in the emerging problems of developing economies.