Officially, over half-a-million Indians have lost their jobs. From airlines to auto majors to media mavens, every sector wants a bailout. Stores and malls are closing down in front of your eyes. Companies are cutting costs, freezing recuritments, postponing expansion plans, extending training periods for benchwarmers, etc.
But what is the reality?
Is India really in the middle of the global financial slowdown, explaining all these frantic measures?
Or is it an illusion?
From Bombay, a rare voice of dissent. Academic-economist, and vice-chancellor of the University of Poona, Narendra Jadhav, at a seminar:
“There is no recession in India. Some industrialists have created a fake picture of recession to seek financial bailouts.”