Synopsis Under the 'globalisation process' economic reforms have been initiated in India. This book presents a deep insight into the historical events and causes of economic reforms in India. It evaluates the components of policy changes with regards to external sector and their effects upon terms of trade, trade performance, inflow of capital and on exchange rate. It also provides measures, cautions and safeguards in implementing the policies of economic reforms. It is an important document for academicians, researchers and students of economics, interested in making better understanding on the subject.