The reservation for job and admission to different educational institutions in India are governed by the Constitutional provisions Articles 15(4) and 16(4). The reservation in India to government jobs and admission to educational institutions are based on caste. There are two broad categories of population with reservation benefit viz., Scheduled castes/tribes and other backward communities. The reservation system was originally meant for a short period of time. After 69 years of the republic and the existence of the Constitution, the reservation policy has not delivered the desired results. More over, according to a recent study, out of more than 1200+ backward classes, less than 10 castes grab 90% of the benefits. Recently government passed a bill implementing 10% reservation for forward caste members, which is accorded based on economic status of the individuals. So, selection of beneficiaries for reservation based on economic status could be better option in the given scenario.