is india hit by economic slow down?

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We are witnessing Recession and economic slow down everywhere. Many people are loosing their jobs and things like Salary cut, cost-cutting measures are rampant in many private firms. The Economic crisis seems to be the worst in the last 70 years history since the Great Economic depression of 1930's. But for the public sector units, the new pay comission has literally doubled the salary of all the employees and there seems to be quite a good number of openings in the public sector units wheras the story is entirely different in the private sectors. I am not sure whether India is really being affected by the recession. If our Economy is that good, then why does the Rupees value still remains around 48-50 vs the U.S.Dollars? Can someone please explain me about this economic slowdown and what is happening around actually?