  Research during the last one decade or so suggests that the gravitational
field equations in a large class of theories (including, but not limited to,
general relativity) have the same status as the equations of, say, gas dynamics
or elasticity. This paradigm provides a refreshingly different way of
interpreting spacetime dynamics and highlights the fact that several features
of classical gravitational theories have direct thermodynamic interpretation. I
review the recent progress in this approach, achieved during the last few
years.
