India an emerging market economy thought it be different this time and they be able to escape the scar, also got affected though to a lesser extent. But the lesson to be learnt is we are living in a global villages, and our sustainable growth as well as our challenges is linked, though to a larger or smaller extent depending upon internal as well as external macros. This is mainly due to the inter linkages between various economies that any such crisis takes global shape and can only be redressed by managing together . Collective efforts of larger number of regulators and governments worldwide are needed for the rescue during the times of crisis. This leads us to the conclusion that globalization and hence the financial market liberalization has converted the job of regulators to proactively manage macroeconomic policies rather than to controlling or regulating markets. The role of regulator is to keep a close watch on internal as well as external macro-economic developments and manage proactively its foreign trade policies, foreign exchange reserves and fluctuations in currency values , fiscal policies , monetary policies etc. to take the economy on the desired level of economic growth which is sustainable in long run and manage the short term hiccups arising in the way of doing so.