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The present book is an analysis of the chapter on Pāṇini’ s philosophy as found in the Sarvadarśanasaṃgraha of Mādhavāchārya. Chinmayi Chatterjee, the author of this book, offers a detailed analysis of Mādhavāchārya’s formulation of the central philosophy of Pāṇini, the grammarian.  The book discusses the idea of sphoṭa as advocated by Panini as well as the criticisms of sphoṭa as advanced by different philosophers. The correlation between word and its meaning has also been taken up for discussion.