Has Indian Recession just begun?

Mumbai, BM Press:
The world economy is reeling under recession and its ripple effect has not left India uninsulated. The recent cuts, constant and gradual, in the CRR and the SLR by the reserve bank of India goes on to show the efforts beign made by the finance ministry to pump in enough liquidity into the system. The good signs had already been visible as the inflation rate came down to almost 6 % for the last two weeks, and banks reduced key interest rates.
However, for the Indian GDP, theres bad news. The elephant was riding high since the dawn of this decade, thanks to the IT revolution. Indian IT companies and the software exports by these companies have had significant contributions to the GDP for many years now. But are the halycon days over for Indian IT? Well, the recent events atleast suggest so.
The world bank banned the fourth largest indian IT firm, Satyam, for any operations for 8 long years. The next few days followed worse events for the company. We all now know about the (Raju ban gaya conman) event, which is considered as the biggest fraud ever in indian corporate history. With Satyam, not just the business that it brought to india from the world but survival of families of 53000 employees is at stake. Thankfully, the government is making all efforts to ensure its survival. Here we simply have to wait and watch.
But Indian IT industry recieved yet another major setback when the World bank again banned Wipro citing 'conflict of interest' as the reason. If such things continue and the Indian IT exports take a hit then the country's GDP is sure to be highly affected, add to it the effects of the recent financial crisis.
Also, on the other front, the indian transporters are leaving no stone unturned to bring a rise in the prices of essential commodities once again by resorting to strikes nation wide. Job cuts have just begun, big international projects are slipping off our hands, lacking confidence of FIIs, et al. Huh!
Lets hope the situation is not as bad as it atleast seems to be and the elephant once again gets back on its feet as early as possible.

(Have your say, post ur views in the comments section, www.mehtabhavin.blogspot.com)