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Synopsis The policy of market oriented restructuring and globalistion of Indian economy was launched by the Narasimha Rao Government in July 1991. The stepping towards the structural reforms was in the backdrop of external borrowings from IMF and other sources, obtained to overcome the precarious balance of payment position inherited by the new Government in June 1991, and in the process to bid farewell to the ‘licence raj’ system of administration. The Finance Minister, Dr. Manmohan Singh, explains herein the circumstantial compulsion which had forced the nation to undertake economic reform measures and their positive impact realized till date. The thought-provoking deliberations contained in the present volume cover several issues relevant for the reform programmes. No doubt, this volume is likely to be useful to the students, teachers, researchers, policy makers and the general readers concerned with the subject. This publication will go a long way in identifying the issues to be analysed in the furtherance of knowledge in the area of economic reform.