Globalisation and Liberalisation of economies is gaining growing attention as a strategy for survival competition and growth. The political transformation in the Eastern Europe and former USSr and economic reforms all over the world has given an added impetus to globalisation. The unprecedented balance of payment crisis, lack of foreign exchange to meet the country’s requirements, high rate of inflation and poor credibility of India in the International Financial markets compelled the policy makers to think of a departure from the trade policy and make a serious move towards radical liberalization to make the Indian economy market oriented and integrate it with the rest of the world. In tune with the developments at International level, India too has initiated the process of liberalization of economy. The deregulation and delicensing, privatization, full convertibility of rupee, free flow of foreign capital, monetary and fiscal measures according to the changing business and economic environment, reduced subsidies, permission to transnational companies etc. are the measures taken for economic renaissance of India. There have been a market increase in approvals for foreign direct investments (FDI) and agreements for supply of know how during the last few years. In this set, some of the aspects emerging from the structure adjustments and stabilization programmes have been discussed. An important and timely contribution, this set has profound implications for formulation policies concerning a comprehensive package of economic reforms. This set will be helpful in understanding the analytical issues relating to various structural changes, which are taking shape for turbulent times in developed economies.
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