Where is our Indian Economy going???

Large forex changes to impact economy, feels RBI governor.
The Reserve Bank of India (RBI) governor Yaga Venugopal Reddy said on Friday any large adjustments in major currencies and interest rates overseas would significantly impact India's economy.
In a speech released by the RBI on Friday, which he gave to the United Nations on Thursday, Reddy said India had a large stake in the process of unwinding global imbalances and was willing to play its part in ensuring a successful outcome from "current initiatives".
Last week Prime Minister Manmohan Singh called for a coordinated effort to correct global imbalances and urged global financial institutions to play an active role in the effort to prevent a sudden worldwide economic downturn.

Some economists say the United States is responsible for part of the global imbalances as it consumes too much, running up unsustainable current account and fiscal deficits, while others charge that China's unfairly cheap exchange rate is a problem.

China has been saying it would push yuan reforms as part of its long-term efforts to rebalance its economy but would not take orders from other countries.

Can a country let another to have its impact over its own economy? Is it fair that one particular country is influencing the whole worlds economy? Are we going back to the colony rule in the name of Globalization?