No revolution in human history has been totally benign. So, it is the case with globalisation; globalisation comes with costs and benefits. Managing globalisation requires that we minimize the costs and maximize the benefits. India has undoubtedly benefited from integrating into the world.
By corollary, we also need to manage the downside ramifications of integrating into the world, as indeed evidenced by the current context. The Indian banking system is not directly exposed to the sub-prime mortgage assets. It has very limited indirect exposure to the US mortgage market, or to the failed institutions or stressed assets.