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Synopsis The book is a collection of lectures that endeavour to narrate the evolution of thinking and explain the processes involved in managing change from a relatively closed and repressed to a more open economy and liberalized financial sector. The book presents a practitioner’s views on how the transition from a highly regulated to a market-oriented situation can be optimally managed through consensus-building and doption of a flexible approach in poligy-making both under normal and exceptional circumstances. It elaborates India’s position that monetary and financial stability in the economy during the nineties was achieved through conscious policy design of reforms while mitigating risks of destabilization in a highly uncertain global environment accompanied by some domestic imponderables. The papers are arranged thematically to cover issues relating to macroeconomic policy, financial sector and external sector. The book may be of special interest to policy-makers and is expected to be beneficial to a vast readership in the field of economics, commerce and management.