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The Indian industry has dealt with economic slowdowns in the past but this one is in the nature of contagion effect of the Western recession. The full spectrum of the shades of the contagion is not evident in the GDP growth trend. Numbers alone would indicate that economic slowdown, so far, has been barely a "Two-quarter" phenomenon. The serious breakdown of liquidity and credit conditions of 2008 dealt a body blow to the positive "State of long-term expectation."
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