A lucid analysis of the revolutionary changes in the Indian economy. In this important book two of Indias leading economists rescue the current economic debate from jargon and dogma and present it in language accessible to ordinary Indians who, finally, must bear the brunt of the reforms. Cutting through the euphoria and hype that prevent any serious appraisal of libera A lucid analysis of the revolutionary changes in the Indian economy. In this important book two of Indias leading economists rescue the current economic debate from jargon and dogma and present it in language accessible to ordinary Indians who, finally, must bear the brunt of the reforms. Cutting through the euphoria and hype that prevent any serious appraisal of liberalization, they highlight the advantages of a free market as also the grave dangers of unquestioning reliance on market forces in a developing country which is home to the largest number of the worlds poor. They argue for a flexible system that will adapt to changes in society and polity, a system where both the market and the State must play a role.