The distinct economic processes underlying what is commonly called globalisation include expansion of international trade in goods and services, freer flow of technology, enhanced flow of foreign direct investment, freer movement of persons across national boundaries, and development of international institutions of governance suited to the globalised world. The forces of globalisation affect virtually every country in the world. All spheres of life—economic, social, cultural and political—have been subjected to both its positive and negative elements. In India the move towards globalisation and free trade coincided with the process of structural reforms and economic liberalisation that began in July 1991. Since then the country has seen a significant integration of markets in commodities, services, finance and technology with other countries. Economic liberalisation has paved way for rapid technological progress for India while globalisation has given its young talent vast employment opportunities in America, Europe and elsewhere. Today, India has become a big market for multinational giants. There is hardly a big-name company that is not outsourcing to India. The country has developed several hubs of Computer Software Engineering, Information Technology-Enabled Services, Business Process Outsourcing, Research & Development, Pharmaceuticals and Telecommunication. Indeed, globalisation and liberalisation have brought new opportunities to our country in trade, business, services and employment. The Volume has wide coverage on major issues and concerns for India in the context of globalisation including the key issues of reform, structural adjustments, global governance and framing of right policies in the emerging scenario. The papers closely examine important implications of liberalisation and globalisation and the measures taken by the Government in recent years to draw maximum benefits and avoid possible fallouts. The book will prove highly beneficial to researchers and students of Economics, businessmen, government executives, parliamentarians and legislators concerned with the formulation and execution of economic policies. General readers interested in knowing about the changes that are taking place in the Indian economy shall also find it useful.

Table of Contents:
1. Policies for Development in a Globalising World—Montek Singh Ahluwalia 2. India’s Experience with Globalisation—Montek Singh Ahluwalia 3. India in a Globalising World—Montek Singh Ahluwalia 4. Structural Adjustment and Reform in Developing Countries—Montek Singh Ahluwalia 5. Empowering Panchayats through the Employment Guarantee Scheme—T. Prabhakar Reddy 6. Globalization, Economic Injustice, and Health—Lynn Anne Mulrooney and Deane Neubauer 7. New Global Regionality—Possibilities for Sustainable Global Regions?—Ritva Kivikkokangas-Sandgren 8. Globalization and Africa: A View from Below—Bamidele A. Ojo 9. Globalization Process & South Asia: Opportunities and Challenges & Strategies for Global Governance—Somesh K. Mathur 10. Moral Dilemmas in the Wake of Globalization: A Philosophical Reflection and Resolution—R.P. Singh 11. Economic Reforms and Indian Railways—J.G. Valan Arasu 12. Indian Financial Sector Reforms 13. Special Features of Financial Sector Reforms in India—Shyamala Gopinath 14. Liberalization and Cultural Democracy: Role of Media—Sujata D. Hazarika and Saurabh Garg 15. Globalisation and Monetary Policy: Some Emerging Issues—Y.V. Reddy 16. Do the Globalization Theorists Rephrase and Reword the Central Concepts of the Dependency School? Development Discourse of the Globalists and Dependency Theorists—Dharmika Herath Contributors