The Global Financial Crises are an indication of failure of our Financial Planning and Financial Strategies. Current Global Financial Crisis is the worst since the Great Depression of 1930s and has a devastating effect on all economies, sectors, companies and individuals. Economic activity in India has drastically suffered in the last few months. The impact of the global crisis has been transmitted to the Indian economy through distinct channels. This paper is mainly dealt with causes of the Global Financial Crises and its impact on Indian economy. The paper suggests a set of policy measures to get the Indian economy back on the path of sustained rapid and inclusive growth.