Recession is a state of mind

Even Mr. Ratan Tata thinks that 2012 is going to be a tough year. In his annual communication to employees sent out on the first day of the year, the head of India's largest diversified business conglomerate and the country's leading multinational, listed out some convincing reasons for why he feels so: Slow recovery in the US, turmoil in Europe, the ongoing political uncertainty and policy paralysis at home, as well as rising input costs across industries and an increasingly tight fiscal scenario and persistent high inflation.

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