A traditionally conservative country in financial matters, India enacted a series of reforms in response to its balance of payments crisis in the early 1990s. But since then only halting progress has been made, raising concerns about India's rising fiscal deficit, inefficiencies in its financial system, and its still relatively closed economy. This book analyzes some of the complex issues currently facing the Indian economy. Looking at India in the international economy, the first section examines reforms of policies toward trade and capital inflows, including issues in exchange rate policy...