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The Indian economy has undergone substantial changes since the introduction of economic reforms in 1991. These reforms were a comprehensive effort consisting of three main components namely, liberalisation, privatisation and globalisation. They included various measures like deregulating the markets and encouraging private participation; trade liberalisation; dismantling the restrictions on domestic and foreign investments; reforming the financial sector and the tax system, etc. All such policy initiatives radically changed the economic set-up of the country and integrated it with the rest of the world. Thus, India was p The industrial sector has been going through a process of restructuring and consolidation after liberalisation. The industries have responded to the reforms through mergers and acquisitions, adoption of cost cutting measures, foreign collaboration, technology upgradation and outward orientation in sectors such as cement, steel, aluminium, pharmaceuticals, and automobiles. Industrial growth increased sharply in the first five years after the reforms, but then slowed to an annual rate of 4.5 percent in the next five years. From low growth rate of 2.7 per cent in 2001-02, the industry sector grew at a rate of 7.1 per cent in 2002-03 and further to 9.8 per cent in 2004-05. There has been steady and continuous rise in supply of money in the economy since initiation of reforms. Reserve Money(Mo) has increased from Rs.99,505 crores in 1991-92 to Rs.573066 crores (Provisional) in 2005-06. Narrow money (M1) has increased from Rs.114406 crores to Rs. 825245 crores (Provisional), while, broad money (M3) has increased from Rs.317049 crores to Rs.2729535 crores (Provisional) during the same period. Low and volatile growth rates in Indian agriculture and allied sectors was reflected in the average annual growth rate of value added in the sector declining from 4.7 per cent during the Eighth Plan (1992-1997) to 2.1 per cent during the Ninth Plan (1997-2002). From negative growth rate of -7.2 percent in 2002-03, the agriculture sector grew at a rate of 10.0 per cent in 2003-04 and at a rate of 6.0 per cent in 2005-06.