India is a closed economy - Is it true?

Recent Asian Development Bank (ADB) report says that, India is more a closed economy. So we will not get caught by the Subprime crisis flu of US. But, I don't know why our markets react heavily to that episode. We have sufficient growth and monetary management to come over this kind short term liquidity problems. Hope India had learnt a good lesson and don't overreact next time. More news on this topic http://www.ft.com/cms/s/0/8f78fbf8-64cf-11dc-90ea-0000779fd2ac.html