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India would breeze through the recession! | Chanakya Speaks
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India would breeze through the recession!

6 January 2009 1,467 views 13 Comments

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Recession

Yes! that was the topic of discussion among a group of my friends (including me).  Being from the same background (MBA) and read the same newspaper day in and day out (Economic Times), we had some points with us. 

All of us spoke as if we are the RBI governor, at the helm of affairs and know everything what it would take India to come out of this “Recession”. In part, we also acted as Finance Minister assauging any fears, like he does everytime stock market tanks.

But then during the mid course of the discussion, it occurred to me that I happened to read somewhere that estimates for future growth stand at around 7%.  I asked myself if India is “expected” to grow at 7%, then how come India is facing any recession at all!!! But I was not sure of the technical definition of recession. So I kept quiet.

I came back from the discussion and referred to the actual definition of recession. The technical meaning of recession is - 

“If an economy contracts for 2 consecutive quarters, it is termed as a recession.”

Now if that is what recession means, then how come India is going through any recession at all!!! I shared the thought with my friends but they refused to acknowledge the fact. They refused to acknowledge the fact that if USA, Europe, Japan are going through recession and a major portion of world’s GDP comes from that part, then how come India is not facing any recession!!!

Besides all these things, they noted that everyday in their favorite newspaper (u know the name ;) ), they actually read this word in Indian context. And since the newspaper is of esteem repute and can’t go wrong, it is you who must be wrong. 

Well! I don’t know how to make them understand that Indian is not facing any recession, though it is going through a slowdown; I don’t know how to make them understand that anyone can make a mistake (afterall Sachin also gets out at 0 sometimes); I don’t know how to make them understand that newspapers do sometimes use words casually!

Can you help me???

 

13 Comments »

  • Stacey Derbinshire said: I finally decided to write a comment on your blog. I just wanted to say good job. I really enjoy reading your posts.
    # 6 January 2009 at 6:49 am
  • Kamal said: Well, being a part of the discussion group, I guess the focus was not on the technical definition, but rather it was whether the global slowdown would affect India, if yes than to what extent... I guess recession used in local lingo is a very loose term.
    # 6 January 2009 at 5:36 pm
  • Chanakya said: First of all thanks for reading the post. I hope u would have liked it. I totally agree with you Kamal that recession is used very loosely and that's exactly I was trying to drive home the point. I understand that the discussion was never about the technical definition. :) But then u would agree that the kind of recommendations we (including me) all were giving were focussed on the recession and not the slowdown. Otherwise the point of slowdown would have been raised by some one.
    # 6 January 2009 at 5:53 pm
  • Chanakya (author) said: Thanks Stacy for reading the post and liking it. I would try to ensure that the quality is kept intact in future as well.
    # 6 January 2009 at 6:01 pm
  • Jayshree said: Interesting read! Incidentally there is a website called www.angstcorner.com specifically for recession victims.A lot of recession issues are addressed here.Worth a visit!
    # 21 April 2009 at 12:24 pm
  • Chanakya (author) said: @Jayshree: thanks for reading the post and appreciating it. I would surely visit the website.
    # 21 April 2009 at 4:15 pm
  • mithila said: thanks a lot. it will help me in group discussion & personal interview (MBA) which will held on day after tomorrow & now im clear with the concept of recession.actually i was searching for definition of recession but i got more than that.
    # 1 June 2009 at 12:10 pm
  • Acne Scars Treatment Info said: Economic recession created huge unemployment rates around the world. I think the world economy is already on the road to recovery.
    # 6 September 2009 at 9:10 am
  • kirti said: sir can u explain what is the two consequtive quaters in the definition of recession.does this slowdown in india will affect the mba students while job placements??
    # 6 October 2009 at 4:47 pm
  • michael said: the economic recession made a lot of workers jobless. my best friend and me lost our jobs because of job cuts. i hope that our economy would recover soon.
    # 17 October 2009 at 5:03 pm
  • Janet Reyes said: Our country was also hit hard by the Economic Recession. At least we are seeing some signs of economic recovery now. I hope that we could recover soon from this recession. ..
    # 8 December 2009 at 7:09 am
  • Acneguy said: I think we are also seeing some signs of recovery from the Economic Recession. Of course, we have no idea of how long it will take to completely recover, but some say it’s going to be longer than for the other recessions in decades. I also scanned an article yesterday that said business owners need a new set of tactics to do well during recovery.
    # 5 January 2010 at 3:38 pm
  • Arthur Smith said: during the height of the economic recession, our online and offline business in the US have suffered some major drop in sales. now our sales are getting slowly back to normal.
    # 19 February 2010 at 3:19 am

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