The book under review is a compilation of the works done by the author at the Mumbai-based Indira Gandhi Institute of Development Research (IGIDR) over a decade or so, on the impact of economic reforms in India. Statistics used and policy implications drawn in this work makes the volume particularly relevant to contemporary debates on drivers of India's economic growth and what can be done to take it forward.

Besides the introductory chapter, the volume is divided into three thematic parts. The first part, "Macroeconomic Performance", has three articles; the second part, "Industrial Growth", comprises four articles, which not only discusses how industries in India have grown over the years and their structural changes, but also discusses problems associated with industrial statistics. The third part, "Some Aspects of Economic Policy", contains five articles. Of these, two examine the performance of the public sector, one looks into the capital market, other into the labor market related issues, and the last one deals with Foreign Direct Investment (FDI) in India. Chapters are arranged in the chronological order in which they were published and hence the review is also done chapter-wise.

Chapter one examines if India's economic growth had taken an upturn in the 1980s, as opposed to the hitherto view of "Hindu rate of growth" of 3.5%. Using national income series (with the base year as 1980-81), it was found that the annual growth rate during 1980-81 to 1987-88 was 4.9%. Since a significant trend break was observed in 1979-80, it undermines the widely held proposition that Indian economy had constant growth rate over four decades since early 1950s. Industrial sector's growth accelerated at an unprecedented rate of 6.9% and similarly service sector grew at 6.3% in the 1980s. Though public spending increased since late 1970s, overall growth rate did not get altered even after deduction of "administration and defense" from GDP. All these findings imply that the economy began to move into a higher growth trajectory since 1980.

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