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Synopsis The economy of India is the fourth largest in the world as measured by Purchasing Power Parity (PPP). It is the second fastest growing major economy in the world, with a GDP growth rate of 8.1% at the end of the first quarter of 2005. The country's economy is diverse and encompasses agriculture, handicrafts, industries and a multitude of services. While consumers and producers make most decisions that mold the economy, government activities have a powerful effect on the economy. It is the government which guides the overall pace of economic activity, attempting to maintain steady growth, high levels of employment, and price stability. By adjusting spending and tax rates or managing the money supply and controlling the use of credit, it can slow down or speed up the economy's rate of growth. This book elaborately describes the role of government in the countries economic progress. Topics such as economic status of India, recent economic reforms, fiscal policies, economic challenges faced by the government, etc. are also discussed in detail. The book will be highly useful for a cross-section of academic community, researchers and all those interested in India's economic development.