The focus of the selected papers in this volume is on problems and policy concerns emerging in particular sectors. The most important of these issues relate to the transition from a situation of credit constraint to one of excess liquidity; sources of fiscal imbalances and measures for their correction; economic and policy implications of FCI's excess food stocks and rapid build-up of foreign exchange reserves; pros and cons of foreign institutional investments; and strengths and weaknesses of the banking system under liberalized regime. The discussion throughout is rigorous, but lucid to suit the needs of students, researchers, and others interested in the performance and problems of the Indian macroeconomy.