This study systematically evaluates the economic consequences of globalization for India in the light of the attack of the critics against globalization on the grounds of economic stagnation, "deindustrialization", "denationalization", destabilization, and impoverishment. On the basis of abundant qualitative and quantitative data, it strongly repudiates the case of the critics, and demonstrates that India has been a significant beneficiary of the globalization process. The policy conclusion that flows from this experience is that India ought to be, in general, more open to globalization, in the interest of sustaining economic growth and enhancing the welfare of its people. To this end it should push forward with the reform agenda.