US recession has hit india

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The world economic slowdown which had its epicenter in the developed economies has now found its way into the developing economies also,which didn't have any substantial exposure to the toxic assets(CDO) which triggered the entire crises.I had strongly believed that india would be immune to this economic meltdown as our banks weren't exposed to the sub prime mortgage assets and moreover there was the vibrant domestic market which would compensate for the declining global demand.But now as we see the decoupling theory failing ,our growth rates revised downwards,industrial growth rates dropping,investor and consumer confidence at their abyssmal levels, credit becoming costlier and hoards of monetary and fiscal measures initiated by the government that india also has to share its bit of the pain. The Davos world summit that brought about no results except that the developing countries emphasising that the recession is a common problem for the world economies and has to be resolved together and the countries should desist from taking any protectionist policies .This would mean even the developing economies would have to pay the price for the irresponsible deed done by the financial wizards,political wonks and the lack of due deligence by the regulatory authorities and the credit rating agencies .This crises has exposed the weak underbelly of the us gaints which were considered invincible.That leaves back a lesson to be learnt by the world that capitalism isn't all that great.