Since 1991 Indian economy has been exposed to economic liberalisation and globalisation in line with structural adjustment and stabilisation policies initiated by IMF and World Bank. Structural adjustment policy advocated privatisation, import liberalisation, and export-led growth while stabilisation policy emphasises reduction in fiscal deficit through withdrawal of subsidies given to industry, trade and agriculture. There has been a shift in the Indian economic policy from State-oriented development strategy to market-oriented development, leaving the decisions of production and distribution to the market signals. This policy became controversial as some argued in favour of it while others argued against it. In this book, Prof. G. Parthasarathy has rigorously analysed the pros and cons of structural adjustment and liberalisation policies and empirically examined its effects on rural development at national and state level, in terms of agricultural growth, employment opportunities, wages and reduction in rural poverty.