Two important books by academic economists on India's economic reforms:
Jagdish Bhagwati, India in Transition: Freeing the Economy.
Arvind Panagariya, India: The Emerging Giant.
A couple of books from a few years ago for the general reader giving a flavour of India's economic reforms and the impact of globalization on India:
Gurcharan Das, India Unbound.
Pavan K. Varma, Being Indian.
An important recent book on India's foreign policy, which touches on globalization and economic issues as well:
David M. Malone, Does the Elephant Dance?: Contemporary Indian Foreign Policy.
Some more recent books on India in a globalized world, all well worth looking at:
Edward Luce, In Spite of the Gods: The Rise of Modern India. By the former Financial Times correspondent in India, this book has been widely hailed.
Shashi Tharoor, From Midnight to Millennium and The Elephant, The Tiger, and the Cellphone. These two books by a prominent former UN official and current Indian politician make great reading.
A superb recent book on India intended for the general reader, which gives great background. A special feature is the original and important analysis of dynastic politics in India's parliamentary democracy.
Patrick French, India: A Portrait.
Two other recent books which give a great snapshot of contemporary India:
Anand Giridharadas, India Calling: An Intimate Portrait of a Nation's Remaking.
Siddhartha Deb, The Beautiful and the Damned: A Portrait of the New India.