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This study on economic development is prerequisite to understand the nature and causes of poverty and backwardness in developing countries. The challenge of development economics lies in the formulation, of economic theory and in the application of policy to reach the goals of development. Though the struggle for economic development continues unabated by developing economies, prudent economic policies are urgently needed for the attainment of their developmental goals. The present volume highlights some important contemporary issues of development both theoretically and empirically. The broad issues covered in this volume include development theories, globalization, liberalization, industrial development, agricultural development, environmental economics and insurance sector development. The book will be of immense value to academicians, policy makers, researchers, social scientists and person interested in development economics.