Global recession & Indian economy

Global recession occurred in 2008 started in US, with the collapse of Lehman Brothers and other Wall Street icons. The principal source of transmission of the crisis has been the real sector, generally referred to as the ‘Main Street’. This crisis engulfed the United States in the form of creeping recession and this worsened the situation. As a consequence, US demand for imports from other countries indicated a decline. The whole world is in the fear of recession. It is rightly said that whenever US sneezes, the world catches a cold. The same thing has happened with relevance to US recession. Almost all the nations have been affected by US recession. The Indian economy is no exception.