On your point 3 - Salary getting reduced. I live in Pune and I know the cost of living which has sky rocketed right now. The real estate market is just gone way up. But still some of these IT folks went ahead and purchased those expensive apartments. How do you expect them to pay their mortgages. Salary reduction and lay offs are bound to happen in the near future.
I think the last comment is not the mentality that is the FACT. Our economy is too tied to the GLOBAL ECONOMY. Can we sustain our growth if we do not get export orders. We won't be able to sustain if the global market collapses. Get Real....
