Correct Option (3)
The passage explicitly states that "Steady reforms since 1991 have led to growing linkages and its financial system with the global economy." It further elaborates that "Weak global economic prospects and continuing uncertainties in the international financial markets therefore, have had their impact on the emerging market economies." This indicates that the primary reason for Indian financial markets being affected by global changes is their increasing integration and connectivity with the global financial system.
Incorrect Options:
The passage does not identify an increased inflow of remittances from abroad or an enormous increase in foreign exchange reserves as the main drivers for the impact of global changes on Indian financial markets. While these factors relate to the global economy, the passage specifically highlights "growing linkages and its financial system with the global economy" as the channel for impact.
The contagion of Greece’s sovereign debt problem is presented in the passage as an example or a consequence of these global linkages, affecting financial markets "by way of higher-than-normal levels of volatility." It is a manifestation of the impact, not the fundamental reason why Indian markets are susceptible to global changes in general.