But one point that everyone is missing is the fact that India will not be affected to the similar extent in most ways, for the below-stated reasons:
- We are Smart: We invented the ZERO and that helped the US make the bailout amount as big as possible(with 10 odd "0's", and also to show the company's profits for 2008 = "0". We are the brightest young people in the world because we know more about Math, Science, Entreprenuership and Finance and therefore making bad decisions is not in our DNA(The Americans have a Monopoly on making Bad decisions from Veitnam to the Bailout) So we are sure not to make a bad situation worse.
- We dont like Living on Debt- except for the current generation of highly paid young professionals who have been watching American sitcoms for the last 10 years, most of the Indian populace doesn't like buying everything on Loan. Be it Cars, Houses, TV's etc. before buying these we always look at financing 80% of the amount from our pockets rather than the Banks.
- We have a sane Banking system- Our banks are very government controlled, which may suggest the socialist side of India, but if these banks are not going under left, right and center I am happy about it. Indiscriminate loans to people who will never give them back is the root of the recession equation(Sub-prime crises). Also the low number of credit cards helps the nation remain in their limits of spending.
- We don't go to war!!- I sometime cite this as a "Lack of BALLS" from the government but thank god the government does not listen to me. Imagine if George Bush ruled India, we would have gone to war 4 times since the December Highjacking to the Bombay Siege. But I think the developmental agenda is more important to India and I agree with that after careful consideration.
- America Can't Live without the Friendly Indian on the other side: Be it computers, Call centers, software, financial solutions, America can't live without hiring Indians and rightly so. They wouldn't want Mexicans going"Aye Ombre how many I help you" or Chinese people helping them with their accent and then Computers. It shows that Knowledge is better than being Assembly line robots.Yes India is loosing jobs but it would not oblige these big Corps to shift them elsewhere as India has set itself up to be the KPO destination and we will be till the end of time.
- We are Economical : We have recession proofed our future cuz soon you cash-strapped westerners will be begging us to give the TATA Nano as that will be the only car you can afford thanks to your friendly neighborhood bank :-D, We are trying to invent the cheapest Laptop, Mobile phone and a few other things that we need in the future.
So India is pretty recession proof, My dad doesn't think it is but from across the oceans the reality looks better.
