The book entitled Economic Liberalization: Effects and Challenges is a collection of articles which undertake to dwell upon a variety of issues concerning globalization in India and its side effects thereof. Indian society in the present times appears to have reached state of transition wherein the old socio-economic order appears to have crumbled down, while the promised new socio-economic world order is not in sight. With frequent economic melt downs world over the Utopian dream promised by the economic planners is in a state of disarray. Therefore one needs to reassess the challenges posted by economic liberalization to the intricate socio-economic and cultural fabric of Indian society in the light of contemporary issues and debates.