The paper provides estimates of labour productivity, capital productivity, total factor productivity(TFP) and parametric estimates of productivity using production functions with a view to compare pre-reform estimates with post reforms period in Indian Manufacturing Industries from 1973-74 to 2004-05. The result shows significant increase in labour productivity, capital intensity and stagnant capital productivity. The growth in productivity has been more in pre-reform period (1973-74 to 1990-91) as compared to post reform period (1991-92 to 2004-05). The labour productivity has increased at the rate of 4.34 percent and 4.35 percent in pre-reform and post reform period showing no significant difference but the capital productivity has shown declining trend in post-reform period (1.87%) as a result of this the TFP increase in post reform period was insignificant (0.63%) as compared to pre-reform period (1.52%). We find significantly higher increase in capital intensity in post-reform period (6.22%) as compared to pre-reform period (4.39%).