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Synopsis In the age of globalization every thing is being done only for development. in actuality development is a means and not the end. It is only the tool by which the government tries or should try to eradicate poverty, inequality, suppression and exploitation. Since presently we have our rate of growth more than 9 per cent per annum, foreign exchange reserve more than 200 billion dollars, Mumbai Stock Exchange sensex more than 14,000 points, arte of growth of exports more than 30% Indian big companies are taking over M.N.Cs. many times larger than themselves, foreign investors are really crazy to invest in India and we feel 'proud' of producing largest number of billionaires every year. On the other side, we are still struggling with our own problems of poverty, unemployment, illiteracy, economic and social inequalities, shortage of essential services like electricity, drinking water, sanitation etc. majority of the population is not getting bare minimum requirements of food, shelter and health care. It shows that the development, which in one way looks like reality, is on the other way like a myth. The question which, very obviously arises, is as to what is the actuality. In the book "Economic development: Myth and Reality" the Author has tried to analyze the things with maximum level of positivity and factuality. In the book subjects like illusion of development, developmental; efforts and general deprivation, hard realities of becoming developed country, global cooperation in poverty eradication, water as the resource for development and corruption and side effects of developments have been discussed, in detail. This book will be useful for entrepreneurs, traders, economic analysts, policy makers, planners and all the persons concerned with the subject.