Subject(s): Economic policy -- Economic conditions -- Macroeconomics. -- Development experience, macromodelling of Indian economy, model specification and estimation, inferences and validation of model, structural changes and policy options, resilience to shocks and prospects for future -- Summery statistics of forecast errors, correlation and cointegration between actual and forecast values of endogenous variables, sectoral averages of RMSE and TIS, MODEL I - macroeconometric model for structural analysis, MODEL II- macroeconomicetric model for simulation and forecasting, actual and forecasts of key macro variables form model I and model II