COVID-19 has had an adverse impact on economic environment of business all over the world. Millions have lost their jobs and many have been pushed below the poverty line. Consumer demand has declined steeply and supply chains across the world have been severely disrupted. It will take long for the economies to recover. The war in Ukraine has given another setback to business recovery. According to World Economic Outlook released by IMF in April 2022, the Global Economic Growth in 2022 and 2023 is expected to be much lower than projected earlier. Even the Indian Economy is expected to overcome the impact of COVID-19 fully only by the year 2034-35 as projected in the latest ?Report on Currency and Finance? published by the RBI on April 28, 2022. In this Twelfth Edition of our book, we attempt to examine all issues relating to the economic environment of business in general and India in particular. The discussion in the book is divided into two parts ? Part I on ?An Overview of Business Environment? and Part II on ?Environment of Business in India?.