This report conducts a comprehensive analysis of India's stabilization and reform program over the past five years, describing a successful transition from central planning to a more open and deregulated economy. In addition to the progress the country has made, the report cites challenges to future growth and points to areas of priority action, such as improving urban services and investing in human capital. The report addresses specific topics, including (i) fiscal consolidation and debt dynamics; (ii) public expenditure and tax reforms; (iii) money and bond markets; (iv) contractual savings institutions; (v) agricultural trade liberalization and rural development; (vi) investing in private infrastructure; and (vii) the external environment and India's export competitiveness.