Certainly there is a lot of effect of US recession on Indian economy. US recession has a chain effect as US imports many things from other countries which includes India. Primarily this has impact on export industry in India which includes textile industry, granite processing industry, tobacco exports and so on. It is said that already 5 lakh people have already lost their job in Indian textile industry.
This is not the end of the story. Now it has also started showing its direct effects on all other industries as well which include IT and ITES. Proactively many of the companies have started taking proactive steps to protect them self from the gloomy future. Many small companies were closed and ready to close, increasing the unemployed people. This will have lot of impact on peoples spending abilities and the supply chain effect carries forward.
But is every one in India are effect? Yes, but many people may not realize it or many not have any direct effects. Especially people living in cities will are more exposed to this and people in towns are less exposed to this situation. This is especially because number of employees working in private firms are susceptible to this situation and people working for govt. and self employed are less (these people will have impact only at later stages).
Whats the other side of the coin? Frankly its a overall loss to every one. But this is the right time for govt. to attract good talent to join in govt. organizations. That way govt can increase its efficiency and also help country to face this situation. But govt has to act quickly for filling already vacant positions and creating new jobs.
This is just a cut-short version of the impacts and analysis. This can be discussed for years. But not now.
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