BANGALORE, INDIA: Are we ready to take the crisis on our stride or is this the end? If you think it has only brought in pink slips, shattered American dreams, recession, weak rupee, failing exports, stagnant outsourcing and a bleeding stock exchange, then consider these!

India's inflation rate that was at its peak, at 13 percent only a couple of months ago, has dipped to a single digit. Crude oil barrel prices have dipped drastically from $147 per barrel in July to $53 per barrel by the end of November. Indian banks have the liquidity to sustain the downturn. Loan interests are going to be cheaper. Real estate prices will turn south. So has the tide turned? 

Sivakumar Thiyagarajan, president and general manager, managed services, e4e Business Solutions, says: "There are still arguments going on whether the present crisis could be termed  recession or not."

But then, one cannot negate the fact that corporate world has felt the heat of the crisis with several being shown the way out. Pink slips have become the order of the day, not even sparing those on the top of the ladder.

"More people are likely to lose jobs, people will cut down expenditure and drop vacation plans. There will be a lot of pressure on cost, credit, money on any industry that sells discretionary products and services. There will arise tremendous pressure on these sectors on thinning cost structure. Salaries will be cut, no more on site jobs, vacations, companies will stop hiring and go into a cost cutting mode."

Thus, the IT industry, which has been the most pampered of the lot, has taken a severe beating. So, is the global financial crisis bringing in a fresh breath of air or will India also waver and jostle in the storm?

"It's certain that there will be a downturn. But then, the present economic trend will pave way for newer opportunities for India," Thiyagarajan adds. 

"With the collapse of the American economy, people who were being very reluctant about offshoring will start seriously looking at it. We ourselves are seeing this trend among some of our customers, who didn't had business in India, but now taking interest and talking in terms of business initiatives and prospects for the next quarter."

It's certain that the downturn will have its aftermath. However, it is now the onus of India Inc to tap newer pastures and turn the tide towards them by outbeating the downturn.

We would like to know what our readers feel about the recession? Is it going to bring dark gloomy days ahead or are we going to sustain it?