Recession vs Depression.

One has to understand the definition. The word recession is intimidating. Yet the fact that US has undergone nearly 10 recessions in little over half a decade indicates that it is an over hyped ghost that the media has projected.

http://en.wikipedia.org/wiki/Recession
vs
http://en.wikipedia.org/wiki/Great_Depression

If you look at the link below (debt), it's a dejavu. Debt may not be the single factor to a recession/depression. The US govt announcing the interest rate cuts to propel spending and boost liquidity, history says it shows a short-term growth. The short term activity of spending due to interest rate cuts have long term implications like the Sub Prime crisis US is witnessing.
http://en.wikipedia.org/wiki/Great_Depression#Debt

Many argue about decoupling theory. Decoupling or not, it is imperative that countries like India should look at alternative markets. It is like you invest in the share market, you will want to distribute your risk across your portfolio. Following is indeed one option.
http://timesofindia.indiatimes.com/India/Bharat_could_save_India_from_US_recession/articleshow/2667404.cms