It has even impacted those manufacturing companies in India that cater largely to domestic consumers, and some to the export markets as well. This could have been avoided. But as a result of this, the service sectors are not finding enough potential buyers thus making IT, ITeS, Entertainment, Hospitality and such sectors scouting for buyers.

Some experts and analysts have written that India is one of the least impacted countires of this global meltdown, because it has a huge chunk of domestic consumer that would ensure economy remains afloat.

India can actually exploit this opportunity to address some of the basic ills of our socio-economic system. True, India has a huge population below poverty line, of lower middle class, and a fast rising middle class. And its a opportune time for the government to invest in streamlining and de-corrupting primary education system, and our healthcare facilities. This will ensure an aware, stimulated, and healthy mass of population that will ultimately become the consumers of products and services provided by the existing manufacturing and service companies.

Today the challenge before the government is that only a very small percentage of our population is touched by the benefits of globalization. If the positive effects of globalization start truly touching lives of population in Class- C and -D towns and in rural areas, it will induce such a big domestic demand for housing, social infrastructure, entertainment, sports, and healthcare facilities, that the effect will be reflected across the domestic manufacturing companies.

Also its an opportunity for the government to decongest urban population, and reduce the burden on the city infrastructure. A decentral industrial development is the need of the hour.

An investment in the smaller towns and rural areas towards small-scale industries, sports, education, and healthcare will definitely go a long way in securing country's economy in the long run.