Recent international research on viable exchange rate strategies in emerging markets has lent considerable support to the exchange rate policy followed by India. Global economy and India The debate in India has customarily been on the contours of the public policy in the context of increasing global economic integration.
More recently, however, a debate in the rest of the world has been in evidence on the challenges likely to be faced by the global economy on account of progressively increasing global integration of the Indian economy. Hence, there is merit in looking at, perhaps illustratively, some of the global challenges of our integration while we move forward in this regard.