As a part of the Microfinance India Summit, an important annual initiative is to bring out the "Microfinance in India - A State of the Sector Report". Given the diverse strands along which the Sector has been growing in the last couple of years, the multitude of stakeholders that are becoming associated with the sector, the by-model / by-methodology schism that has crept in; it was felt that there was need for a composite document that would trace the growth of the sector in its entirety. The objective of this initiative is to support in-depth, well-researched, well-analyzed evidence on how the sector has made an impact at various levels. The report attempts to update statistical data relating to the sector's growth and upscaling across models. It is intended to highlight and present perspectives on current issues and to document new interest, new investments and innovations in the sector. It also identifies knowledge gaps that require further research and statistical efforts. Such a document was also found necessary for external stakeholders in order for them to better understand the full complexity and the various nuances within the sector. In the last four years since the initiative was taken up, it has become the most useful reference document for the Sector both within and outside the country. Even the Parliamentary Standing Committee on Finance used the State of the Sector Report while examining a Bill on microfinance. In 2006 & 2007, it consistently featured among the five most downloaded sector documents worldwide on CGAP's Microfinance Gateway. Seven editions of the report have been released so far and all have been published by SAGE Publishers.