1) Now is a good time for Indian companies with strong balance sheets to pursue acquisitions as valuations are low and opportunities exist to strengthen core businesses and expand into new markets. 2) Acquisitions should not be made solely based on low valuations; strategic fit in terms of technology, skills, and market penetration is important. 3) Recessions provide opportunities to acquire businesses at reasonable valuations and integrate them while their owners are open to pragmatic exits based on performance rather than high pricing multiples.