The media is full of reports on the economic downturn in the US and speculation whether the country is the midst of a recession or on the verge of one. The collapse of the housing market and the sub-prime crisis and the resulting impact are making news headlines daily.
But if you are in India at this time, all of this seems like fiction. All the IT services majors - TCS, Infosys and Wipro have announced 9-month earnings that are exceeding Billions (Yes, with a "B") of dollars and high rates of revenue growth despite a weaker dollar. Housing market is crazy with the demand continuing to skyrocket. Jobs in the IT and ITES sector are plentiful and candidates are few causing double digit wage inflations. Mutual fund investments are giving 50-60% annual returns.
Consequences of a flat world?