The document discusses the global recession and its impact on the Indian economy. It describes the characteristics of a recession such as reducing sales, profits, investment and government revenue. It analyzes the causes of the US recession such as risky mortgage-backed securities and derivatives, and the collapse of the housing market in the late 2000s. For India, it notes both negative impacts like reduced exports and FDI, and positive impacts like stopping reckless westernization and increased domestic industry development.