In this comprehensive appraisal of Indian economic reforms, the author recounts how reforms were initiated and how they unfolded in stages since 1991. He analyzes all the components of the structural adjustment programme including in the agrarian, industrial, banking, public sector, fiscal reforms, trade, environmental and labour sectors. In keeping with his ideological and political convictions, the author questions the benefits of the reforms and argues that an uncritical acceptance of IMF/World Bank/WTO/ conditions has not served to benefit the majority of Indian society.