The comforting words of Indian politicians and financial officials - offering reassurance about the stability of the country's economy - are now ringing a little hollow.
The truth of the matter is India has been affected by the liquidity crunch - though arguably not as badly as other parts of the world have been.
The downturn in the West now appears to have reached India's shores. The Indian stock market is the most obvious and evident victim of the global credit crunch - having lost over half of its value since the crisis began - billions of dollars of foreign funds were pulled out of Indian shares, as foreign fund managers scrambled to get their books in order.
Concerns are growing here about a global recession and what that might mean for the 300 million strong Indian middle classes.
Many Indian professionals have put their savings into the stock market and into mutual funds over the last few years, tempted by the spectacular returns they saw.
Litsening (1)
