Gṛhastha (Sanskrit: गृहस्थ) literally means "being in and occupied with home, family" or "householder". It refers to the second phase of an individual's life in the four age-based stages of the Hindu āśrama system. It follows the celibate student (Brahmacharya) stage and embodies married life, with the duties of maintaining a home, raising a family, educating one's children, and leading a family-centred and dharmic social life.
In the traditional scheme, the Gṛhastha stage is conceptually followed by Vānaprastha (the forest-dweller or retired stage) and Sannyāsa (renunciation). Together with the other three life stages, Hindu philosophy considers these as facets of the concept of Dharma, viewed as essential to the full development of a human being and to fulfilling the needs of both the individual and society.
Ancient and medieval texts of Hinduism regard the Gṛhastha stage as the most important of all stages in a sociological sense. Householders are seen not only as pursuing a virtuous life, but also as producing the food and wealth that sustains people in the other stages of life, as well as the offspring that continues mankind. In Indian philosophy, the householder stage is also described as the period in which the most intense physical, procreational, emotional, occupational, social and material attachments exist in a person's life.
In Indian traditions, the Gṛhastha stage is a recommendation rather than a requirement. A Brahmachari who wishes may skip the householder and retirement stages and proceed directly to Sannyāsa, thereby renouncing worldly and materialistic pursuits and dedicating life to spiritual practice.
Adapted from the English Wikipedia article on Grihastha.