The present work is an appraisal of shrinking Parsi population. Parsi population is the only community in India which has experienced drastic decline in its population count over the time. While tracing origin and arrival of Parsis on Indian shores, spatio-temporal changes in fertility and temporal changes in mortality and population size are assessed. Comparative analysis for two different projection approaches for forecasting Parsi population up to the year 2051 by Shroff et. al (2011) and by Unisa et.al. (2008) is undertaken. Factors responsible for the depleting Parsi population are contemplated upon. Recent measures adopted by the government of India for addressing the issue of declining Parsi population are discussed.