“Shankar Acharya takes us effortlessly and yet with great analytical skill through some of the most critical economic problems facing the country. As a key insider until recently, he speaks with authority conveying his perspectives and concerns with a refreshing frankness, all of which makes this elegantly written book a lasting contribution to the study of India’s economic problems and prospects in the first years of the millenium.”
Montek S. Ahluwalia
Former Finance Secretary, Government of India

“Dr. Shankar Acharya is a distinguished economist, a keen observer of current affairs and a persuasive writer. Marked by analytical rigour, his articles offers an incisive commentary on economic events. With a subtle sense of humour and sarcasm, he drives home his points effectively. His articles cover a wide range of topics, all of which should go to enhance the ‘economic common sense’ in our country.”
C. Rangarajan
Chairman, Twelfth Finance Commission;
Former Governor, Reserve Bank of India

“Dr. Shankar Acharya writes lucidly, and brings admirable judgement to the key macro-issues of the day. His book should be required reading for all policy-makers. The non-specialist reader will find in these pages easy entry into the debate on economic reform.”
T.N. Ninan
Editor, Business Standard, New Delhi

    
Has India's economic growth slowed down in the last five years? If so, why? What should be done to revive Industry ? Why is Agriculture limping and how can the sector be revitalized? Can the Services sector alone assure fast economic growth for the country? Is the Tenth Plan growth target of 8 percent per annum achievable? Or is it a pie in the sky? What's wrong with our Health services? Do fiscal deficits hurt growth? How? How much damage did the last Pay Commission wreak? What can Governments do to improve the nation's fiscal health? Did the last Budget help or hinder progress? What's the best recipe for tax reform? What's wrong with our banking system? What should we do to fix it? Why is foreign investment lukewarm to India? What must we do to change that? Are we serious about reaping the fruits of Globalization? Why are our external finances strong when domestic finances are weak? Can good economic policies be crafted without good technocrats? What's the solution to urban decay?

These are all important and live issues in today's India. This book offers some answers.

Dr. Shankar Acharya served as Chief Economic Adviser (in the rank of Secretary) to the Government of India for eight crucial years, 1993-2000, during which he was closely associated with the process of economic reforms. He was also on the Board of SEBI and EXIM Bank. He had been Senior Adviser (rank of Additional Secretary) and Economic Adviser in the Union Ministry of Finance during 1985-90.

Between 1971 and 1982 Dr. Acharya served in the World Bank, Washington DC, holding several senior positions including Director, World Development Report, 1979 (of which he was the principal author) and Research Adviser to the institution. He returned to India in 1982 as Senior Fellow in the National Institute of Public Finance and Policy, Delhi, where he conducted the well-known major study, Aspects of the Black Economy in India.

Dr. Acharya graduated with first class honours in Politics, Philosophy and Econo-mics from Oxford University (1967) and earned his Ph.D. in Economics from Harvard University (1972). He has been Senior Visiting Research Fellow in Stanford University (Spring 2002) and Oxford University (Spring 2000). Aside from several books and monographs he has published numerous papers in scholarly journals in India and abroad.

Currently he is Reserve Bank Chair Professor at the Indian Council for Research on International Economic Relations (ICRIER). He serves on the board of several premier economic think tanks (including ICRIER and NCAER) and is a member of the Prime Minister’s Economic Advisory Council. He lectures widely and is a consultant to international institutions.