Would India be hit by Global Economic Crisis?
This has been the dinner table topic for most of my week, with everyone asking about it. It is interesting, because for most Indians, this economic crisis is still a distant thing. Well, most, except the workers in BPO , who got hit first. I was telling someone that this is like an impending Tsunami. It is instructive that when the devastating Indian Ocean Tsunami took place, the ocean water actually receded in some places and people flocked the shores wondering what's happening: And, then it came. I see the same confidence on many Indians, especially those investing in real estate. Someone told me that in fact this crisis will eventually result in global economic leadership shifting to India and China. Not an unusual opinion. Another opined that India will not have a mortgage crisis, as lots of black money is actually sunk into property and there is little reason to default for Indian borrowers. Yet another said that India has real demand - as opposed to speculative demand which d