The global economic slowdown, recession, depression, you name it as you like.The reality is something which we have to face and experience.Banks are getting the rescue from US govt which includes bailout package of $20 billions for world's largest bank citibank chaired by india born Vikram Pandit who took charge last september.But nothing has been changed so far.Losses includes $308 billions in various forms.Nothing can be changed over night.It takes time.US president elect Obama says, he will take at least one year and six months to come out of this.Hence we all have to wait and watch how the US economy progresses and the rest of the economies includes europe and japan, other asian powers emerge in the next couple of years.India at its end was growing at a descent rate of 7 to 8 percent in 2006-07, now the estimate has come down to a minimal of 5 percent.The growth rate of 5 percent is enough for india to surge.India as a nation and its corporate honchos should learn to diversify their businesses across the globe unlike the only business relationship with US.Gone are the days when US dominated as a supreme nation with a financial supremacy across globe, now its turn of emerging economies to lead the globe.
The soveriegn wealth funds managed by GCC gave around $20 billions to the world bank to help US financial institutions
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