This paper discusses some policy imperatives before the developing countries as they see to recover from the impact of the global economic slowdown, following the 2008, financial crisis and its continuing after-effects. It briefly reviews the present state of development thinking, and the public policy goals and lessons that need to ke kept in mind as policy-makers look ahead. The paper outlines a policy menu that the emerging economies may need to pursue in the coming months in order to recover their growth momentum and improve their medium term prospects. It also highlights some public policy issues that India needs to address for getting back to in pre-crisis growth trajectory in the medium term.