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Synopsis Globalization is a throbbing and inescapable reality of the 21 century. Planning phase in India helped to formulate the base for the economy although it had some inherent weaknesses. There was excessive regulatory mechanism, high cost economy and poor performance on the external front. We have been planning Indian economy for forty years and reforming it for more than 10 years. Inspite of this, we have poverty, inequalities, unemployment, malnutrition, gender discrimination and social disharmony. Attention needs to be paid to investment in necessary infrastructure and human development that enhances the pay off to developing countries trade liberalization. This book on first to second generation economic reforms and beyond, will be of great use to economists and industrialists, managers and executives, students and scholars of business management, commerce, economics, and to planners and policy-makers.