India is not a fully liberalised economy yet, and its polices need to be smarter to withstand external factors like the anticipated cut in interest rates by the US Federal reserve, noted economist Lord Meghnad Desai said at a lecture on Tuesday afternoon at the Meghnad Desai Academy of Economics, World Trade Center, Cuffe Parade.

Lord Meghnad Desai arrives at the Meghnad Desai Academy of Economics in Cuffe Parade for a lecture titled ‘India in the global economy’. Pics/Onkar Devlekar