Gravitational collapse is one of the most striking phenomena in gravitational physics. The cosmic censorship conjecture has provided strong motivation for researches in this field. In the absence of general proof for the censorship, many examples have been proposed, in which naked singularity is the outcome of gravitational collapse. Recent development has revealed that there are examples of naked singularity formation in the collapse of physically reasonable matter fields, although the stability of these examples is still uncertain. We propose the concept of ``effective naked singularities'', which will be quite helpful because general relativity has the limitation of its application for high-energy end. The appearance of naked singularities is not detestable but can open a window for new physics of strongly curved spacetimes.

12 pages, to appear in the Proceedings of the International Conference on Gravitation and Cosmology (ICGC-2004), ed. by B.R. Iyer, V. Kuriakose and C.V. Vishveshwara, published by Pramana, minor corrections