| Summary/Abstract |
In the era of globalisation, among so many other things, closeness and cooperation between and among states in the economic field has been one of the significant developments. Of course, it might have put some adverse impact or effect on some weak economies vis-a-vis strong ones but a complete independent and isolationist policy in so far as the economic aspect of globalisation is concerned would be neither pragmatic nor desirable. Especially the developments following the disintegration of the former USSR in early 1990s paved the way for increasing economic cooperation across the globe. The imperatives of economic cooperation had even urged the People’s Republic of China to forgo its earlier adherence to the model of closed economy. In a similar fashion, India had to abandon its Non-Aligned hangover and state-led economy that led to a grave fiscal situation which threatened to ‘bankrupt the federal exchequer’ (Ganguly et al., 2011: 13) towards the end of 1980s.
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