Scenario of Accelerating Universe from the Phenomenological \Lambda- Models

Dark matter, the major component of the matter content of the Universe, played a significant role at early stages during structure formation. But at present the Universe is dark energy dominated as well as accelerating. Here, the presence of dark energy has been established by including a time-dependent $\Lambda$ term in the Einstein's field equations. This model is compatible with the idea of an accelerating Universe so far as the value of the deceleration parameter is concerned. Possibility of a change in sign of the deceleration parameter is also discussed. The impact of considering the speed of light as variable in the field equations has also been investigated by using a well known time-dependent $\Lambda$ model.