  We present a detailed account of the physics of Vanadium sesquioxide (${\rm
V_2O_3}$), a benchmark system for studying correlation induced metal-insulator
transition(s). Based on a detailed perusal of a wide range of experimental
data, we stress the importance of multi-orbital Coulomb interactions in concert
with first-principles LDA bandstructure for a consistent understanding of the
PI-PM MIT under pressure. Using LDA+DMFT, we show how the MIT is of the orbital
selective type, driven by large changes in dynamical spectral weight in
response to small changes in trigonal field splitting under pressure. Very good
quantitative agreement with ($i$) the switch of orbital occupation and ($ii$)
S=1 at each $V^{3+}$ site across the MIT, and ($iii$) carrier effective mass in
the PM phase, is obtained. Finally, using the LDA+DMFT solution, we have
estimated screening induced renormalisation of the local, multi-orbital Coulomb
interactions. Computation of the one-particle spectral function using these
screened values is shown to be in excellent quantitative agreement with very
recent experimental (PES and XAS) results. These findings provide strong
support for an orbital-selective Mott transition in paramagnetic ${\rm
V_2O_3}$.
