Together, the two volumes review the economic history of India from Independence to the current period and then go on to make forecasts about the future of the Indian economy and its role in the World. The objective is not criticism for the sake of it. Throughout the focus is on policy and institutional reforms to solve identified policy mistakes and problems. Volume II focuses on the wider and deeper economic reforms initiated in the 1990s. It outlines the reforms, analyses their effect and draws lessons for the future. Among the areas covered are governance problems and institutional reforms, the BoP crisis, FDI, indirect tax and tariff reform, food policy and savings & monetary policy.