  In this talk I present a summary of some of the discussions at the conference
on various topics in Photon physics, selected with a view to give a theorist's
perspective, of the current status and future prospects, of the developments in
the field. After discussing some of the recent theoretical developments in the
subject of Photon Structure function, I will focus on what the photon has
helped us learn about the spin structure of a proton, aspects of perturbative
and nonperturbative QCD as well as forward and diffractive physics. I will
discuss the challenges that the data on heavy flavour production in the two
photon reactions and in photo production, seem to have presented to the
theorists. Then I discuss the direction in which photon physics is likely to go
in future and what we {\em need} the photons to still tell us. I will end by
talking about the newer developments in prospects for photon studies at future
colliders and opportunities that these will provide us to learn about the
physics beyond the Standard Model.
