The malaise of recession has its roots in the United States with over 1.5 million people losing jobs there. The IT sector and manufacturing industry in India have started cost cutting measures in the form of job cuts and lay offs. Adding fuel to the fire is the terrorist attack in the country’s financial capital, and the Satyam fiasco which have caused extensive damage to the country’s reputation and growth. The fiduciary and regulatory actions taken by Reserve bank of India have somewhat minimised the impact of recession, but there is an urgent need to find new market forces to overcome the situation.

R. Ramaswamy,


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