Majority of the rain producing monsoon systems in India form or intensify over the Bay of Bengal and move onto the land. We expect the air-sea interaction to be a crucial factor in the frequent genesis and intensification of monsoon systems over the Bay. Knowledge of air-sea fluxes is essential in determining the air-sea interactions. However, the Bay remains a poorly monitored ocean basin and the state of the near surface conditions during the monsoon months remains to be studied in detail. For example, we do not know yet which among the various flux formulae used in the General circulation models are appropriate over the Bay since there are no direct measurements of surface fluxes here during the peak monsoon months. The present thesis aims towards filing that gap. In this thesis fluxes were computed using the Bulk method, Inertial dissipation method and direct covariance method. The flux comparisons were reasonable during certain flow conditions which are clearly identified. When these conditions are not met the differences among the fluxes from these methods can be larger than the inherent uncertainties' in the methods. Stratification, flow distortion and averaging time are the key variables that give rise to the differences in the fluxes. It is found that there are significant differences in the surface flux estimates computed from different atmospheric General Circulation Model bulk parameterization schemes. In this thesis, the flow gradients are estimated by taking advantage of the natural pitch and roll motion of the ship. A attempt is made to gain insight into the flow distortion and its influence on the fluxes. In our analysis it is found that the displacement of the streamlines is an important component in quantifying flow distortion.