The global recession is set in, investment banks are heading to bankruptcy, countries are facing acute financial crisis, corporates are slashing jobs and salaries of their employees,impact of global recession has shaken the foundation of markets globally,creating a vicious circle of recession and losses.the main objective of my writing this piece is not to summarise the current scenario but to put forth the facts which i think have been nodded off.the greed to grow faster by the world powers(US Mortgage Crisis) have put on stake the development and growth of the developing countries.India a country of more than 2 millions...have also been affected by the global recession.the condition in developing countries have worsened by bounds and leaps.the realisation came very late to the economies around the world, the stage of recession had already set in.national treasuries got affected, markets crashed,foreign support declined.Problems like poverty and unemployment, worsened further.As the companies worldwide lost money and had not much to support themselves,either led them towards bankruptcy or high cuts in jobs and salaries.The question of whether a consumer should save or spend in the time of crisis does not hold at all now.As there is not enough money with people to even support their living standards.This hold true for the million households in India.History repeated itself..every crisis the burden is to be borned by the common man and in a country like India this is a major factor.It is important for us to react soon and fast and be careful that such gobal turmoil do not occur again.Our government instead of worrying so much about the FIIs and FDI ,needs to worry about relieving the people from the pain and burden.
