External economic transactions, which received scant attention in the India economy in the first few decades after independence, have of late come to prominence both in policy and analysis. This shift is related not only to the problems the country has experienced in recent years in terms of managing external payments, but also to the pace of globalization and liberalization. This book looks at the varied experience of India's encounters with the global economy. Spanning the years from control to liberalization in India's external sector, the book addresses a wide range of issues covering external debt, import control, export-led growth and aid tying.