Globalization and Macroeconomic Volatility

There was debate on the extent of globalization of Indian economy among the researchers. But it is now settled that India, a significant player in the global affair, is significantly globalized. The journey has started in June, 1991 following a broad-based package of economic reforms such as liberalization, privatization and globalization (commonly known as LPG model of growth) largely in the line of WTO/IMF/WB directed policy measures. Industrial liberalization, financial-sector reform, trade liberalization, labour market reforms are some important measures that has changed the Indian economy from ¿less-developed¿ to ¿emerging¿. The openness of the Indian economy, measured as current receipts and payments plus capital receipts and payments, has been increasing year after year, period after period and decade after decade. The book is primarily dealt with these emerging issues of Indian Economy.