In this paper, we review in detail different mechanisms of generation of large primordial fluctuations and their implications for the production of primordial black holes (PBHs) and scalar-induced secondary gravity waves (SIGW), with the ultimate aim of understanding the impact of loop correction on quantum correlations and the power spectrum. To accomplish the goal, we provide a concise, comprehensive, but in depth review of conceptual and technical details of the standard model of the universe, namely, causal structure and inflation, quantization of primordial perturbations and field theoretic techniques such as "in-in" formalism needed for the estimation of loop correction to the power spectrum. We discuss at length the severe constraints (no-go) on PBH production in single-field inflation imposed by appropriately renormalized quantum loop corrections, computed while maintaining the validity of the perturbation framework and assuming sufficient inflation to address the causality problem. Thereafter, we discuss in detail the efforts to circumvent the no-go result in Galileon inflation, multiple sharp transition (MST)-induced inflation, and stochastic single field inflation using an effective field theoretic (EFT) framework applicable to a variety of models. We provide a thorough analysis of the Dynamical Renormalization Group (DRG) resummation approach, adiabatic and late-time renormalization schemes, and their use in producing solar and sub-solar mass PBHs. Additionally, we give a summary of how scalar-induced gravitational waves (SIGWs) are produced in MST setups and Galileon inflation.Finally, the PBH overproduction issue is thoroughly discussed.

322 pages, 80 figures, 7 tables, Invited Physics Reports review, Dedicated to the memory of Alexei A. Starobinsky, Criticism and comments are most welcome