Large Language Models (LLMs) are highly proficient in language-based tasks. Their language capabilities have positioned them at the forefront of the future AGI (Artificial General Intelligence) race. However, on closer inspection, Valmeekam et al. (2024); Zecevic et al. (2023); Wu et al. (2024) highlight a significant gap between their language proficiency and reasoning abilities. Reasoning in LLMs and Vision Language Models (VLMs) aims to bridge this gap by enabling these models to think and re-evaluate their actions and responses. Reasoning is an essential capability for complex problem-solving and a necessary step toward establishing trust in Artificial Intelligence (AI). This will make AI suitable for deployment in sensitive domains, such as healthcare, banking, law, defense, security etc. In recent times, with the advent of powerful reasoning models like OpenAI O1 and DeepSeek R1, reasoning endowment has become a critical research topic in LLMs. In this paper, we provide a detailed overview and comparison of existing reasoning techniques and present a systematic survey of reasoning-imbued language models. We also study current challenges and present our findings.