The subject of Indias rapid growth in the past two decades has become a prominent focus in the public eye. A book that documents this unique and unprecedented surge, and addresses the issues raised by it, is sorely needed. Arvind Panagariya fills that gap with this sweeping, ambitious survey.India- An Emerging Giant comprehensively describes and analyzes Indias economic development since its independence, as well as its prospects for the future. The author argues that Indias growth experience since its independence is unique among developing countries and can be divided into fourperiods, each of which is marked by distinctive characteristics- the post-independence period, marked by liberal policies with regard to foreign trade and investment, the socialist period during which Indira Ghandi and her son blocked liberalization and industrial development, a period of stealthyliberalization, and the most recent, openly liberal period. Against this historical background, Panagariya addresses todays poverty and inequality, macroeconomic policies, microeconomic policies, and issues that bear upon Indias previous growth experience and future growth prospects. These provideimportant insights and suggestions for reform that should change much of the current thinking on the current state of the Indian economy.India- An Emerging Giant will attract a wide variety of readers, including academic economists, policy makers, and research staff in national governments and international institutions. It should also serve as a core text in undergraduate and graduate courses that deal with Indias economicdevelopment and policies.