Can Indian market survive the US effect ?

With a number of banks/financial institutions in United States declaring bankruptcy, looking for buyers; money of investors have gone down the drain. Experts are saying there won't be any respite from the situations very soon so all are advised to be cautious with their investment. The current situation in US has also affected a lot of business IT companies used to get. There has been indications of getting less business as compared to past which means less revenue and that would ultimately lead to putting into effect certain cost cutting measures. There are talks in the industry & media to expect around 25,000 jobs getting affected..now that's a big number.

Talking about Indian IT market, people are really worried about US scenario and almost everyone is religiously following what's happenning in US ecenomy. Most of the business Indian IT giants generate is from US markets, and if economy at US is showing signs of decline that's going to impact revenues here also without any second thought. So, people in IT sector who have been enjoying an extended honeymoon period for past few years should get ready to face the heat. I am just hoping that Indian economy survives the US effect because our Government might not be able to pump in big money to boost economy as Bush Government is trying to do now.