This paper is based on my doctoral thesis and subsequent UGC-sponsored major research project that was an extension of the work done under my doctoral study. The data has been revised to cover up for the intervening period of about a decade. Using the econometric techniques of unit root tests, co-integration, and Granger causality, it examines the causal relationship between economic growth and financial development in India during the post-reform period, within the framework of VAR and VECM. Specifically, it has addressed the question, does financial development promote economic growth. The unit root tests indicate the absence of a co-integrating relationship between economic growth and financial development variables. VAR model further brings out the absence of causal relation between the variables in either direction in the post-liberalization period. Credit to the priority sector, however, seems to be positively related to economic growth