The basic purpose of this paper is to review the relevance of Institutional Repository in the context of India and to prepare an account of the present state and future prospects of Institutional Repository in India. The paper is an outcome of a review of works in the area of Institutional Repository with specific reference to India. For this purpose, quite a good number of sources of information have been explored, analysed and assessed. The Study reveals that India has a huge potential for the growth of Institutional Repository. Hundreds of universities and thousands of colleges and other institutions including IITs, IIMs, IISc, IGNOU, CSIR and ICSSR centers provide a great scope for Institutional Repository in this country. DSpace is the most dominant software used by 37 (59%) institutional repositories followed by E-Print used by 18(29%) institutional repositories. The institutional repository created by Indian Institute of Science (IISc) Bangalore has been placed among top 116 institutional repositories in the world.