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Development refers to a process through which the potentialities of an object or organism are released, until it reaches its natural, complete, full-fledged form. India as a nation took a complete U- turn in the year 1991 when it jettisoned the path of socialistic pattern of controlled and guided economy to usher in liberalized and market guided globalized economic system to march on to the west-style open market economy. Since then, two decades have passed; the experience of last two decades of the reform has not boarded well for the Indian economy. The onslaught of western mode of economic growth has been so exhaustive, forceful and complete that the Indian nation finds itself in a quagmire of contrast, contradiction and dilemma.