"Growth and Stability" is the one of the main objectives of India's planning which subsequently strengthened and expanded to "Growth with Social justice" as an added objective of National Planning. But uneven distribution of benefits flowing from the New Economic Policy as well as from other institutional changes has contributed to an increase in socio-economic disparities.

Reduction of socio-economic disparities is essential from the point of maintaining National integration, political stability and unity also. If neglected and unchecked these disparities may assume menacing dimension, and threaten the very existence of this Nation.

This volume contains 20 research papers by authors from all regions of India. It is hoped that the volume, will be found highly useful by students, scholars, professors, planners and policy makers.

The present book is the result of author's nearly 30 years of practical experience of administering development programmes in the State of Bihar, one the most backward regions in the country. The present study analyses in depth the reasons for underdevelopment of the critical sectors contributing to development; and suggests action plan for overcoming the problems holding back development. The nexus between over-population, tiny holdings, poor infrastructure support, especially power, low productivity, illiteracy, poverty and unemployment is close and interdependent. Due to lack of investible funds, it is our failure to organize and execute development activities efficiently and support rational institutional conducive to development, which has resulted in stagnation. It is due to inability of the people to make the best use of available opportunities and lack of faith and confidence in them to achieve the development goals. Certainly, policy planners, administrators, researchers and academics in the field concerned will find this volume useful and informative.

Challenges ahead during the voyage of the Indian economy in the 21st Century are the main theme of this work to which 22 research papers have been contributed by different scholars and authors of eminence. Liberalisation, privatisation and globalisation - three main pillars of the current economic policy have been approached with mixed thought and besides the focus on the issues of growth in changing scenario, the vital issues relating to employment, inequality and poverty and environment, human resource development, growth of agriculture and food production, fiscal readjustment, reforms in banking and financial sector, mood of market economy vis-à-vis growing competition, trade behaviour and impact of World Trade Organisation, etc. have been elaborately dealt with in this book.

The book is basically a direct offshoot of the output of the U.G.C. sponsored VII Refresher Course in Economics on the topic ' New Economic Policy: Issues and Options', organised by the University Department of Economics, Babasaheb Bhimrao Ambedkar Bihar University, Muzaffarpur under the auspices of Academic Staff College of the University. The volume contains the papers and reading materials submitted by the galaxy of eminent internal and external resource persons as well as the participants of the Course in which the potential value of an exchange of ideas and experiences between the economists of two layers were recorded and the remarkable identity of the economic problems confronting India was discussed. The papers are grouped under five major areas; viz. Some Emergent Issues of New Economic Policies of India, Industrial Policy Reforms, Policy of Privatisation, Agenda of Globalisation and Question of Financial Sector Reform. The work is just a concerted effort in the direction of arresting the ill-effects of the forces of socialism and highlighting the relevance of the extension of market mechanism in India. Numerous other raw projects and writings are awaited in our circle to make it an extreme advocacy. As a thought-provoking study, touching one of the most controversial and current issues of discussion, the volume is unique in nature and very useful for scholars, planners and policymakers.