i m looking gloomy picture by media for current situation by media. but i m optimistic and i feel that after 6 months growth will be in place and comparatively we will be in better position than other countries.

What I understand from all the articles on financial mess that I read is

US has to make sure others drop their interest rates in concert with it, otherwise this would lead to a flight of capital away from the dollar.That's the major reason why the US has had to organize these international joint rate-cuts.

Right now, the dollar is at its most vulnerable. If some Soros types were to prey on the dollar right now, the same way that they preyed on the Malaysian and Thai currencies, it could have catastrophic effects.

Because all the developed countries are vulnerable to the shockwaves from such an outcome, they have an irresistable incentive to go along with the US on this.

It's interesting that India has been invited to the upcoming G7 summit along with China, because it shows that we now have an increasing impact on the international economic scene. The G7 seem to be quite anxious to tap the youthful energies of rising economies like India, in order to shore up their creaky old regime.

I have been reading articles about credit issues in India & slowing consumption. The public is kind of panicing and wants to cut down spending.

If these reports are true (on internet), then india's big domestic market theory will turn out to be same as decoupling theory.

Rest the time will tell.