India's development pattern during 1950-1990 was characterised by strong centralised planning, government ownership of basic and key industries, excessive regulated and control on private enterprise, trade protectionism through tariff and non-tariff barriers and a cautious and selective approach towards foreign investment (Rao, 2003). But after 1991 Indian economy underwent sea changes realizing drawbacks of past policies. A wave of policy changes were introduced to improve condition of high fiscal deficit, negative balance of trade and high inflation, with the objectives of increasing efficiency, achieving high growth rate, promoting exports and attracting more and more foreign investment by easing up policy regulations. Laws and regulations were liberated in such a fashion that India can became an integral part of world economy order, where there would be no barriers to hinder integration at any level, and paving way towards free and equal trade and trading opportunities.