This volume investigates the structural challenges and policy dilemmas facing the Indian economy during its transition toward liberalization. Mihir Rakshit, a noted economist, compiles a series of rigorous analytical papers that examine the shift from credit-constrained environments to excess liquidity. The work utilizes macroeconomic data and policy analysis to evaluate fiscal imbalances, banking sector performance, and the management of national reserves.

Experts recognize this collection as a significant contribution to the study of Indian macroeconomic policy during a period of rapid transition. Readers frequently note the academic density of the prose, which remains accessible to students and researchers seeking a technical understanding of the period's financial issues.