The world, India included, has entered a period of substantially lower growth, which is likely to be prolonged because the balance sheet implications of the end of an unprecedented financial high wire act will take time to play out.
The recent turbulence originating in the US sub-prime market led to rumours (and fear) as far away as Europe, of collapse of intermediaries with concomitant concerns for the banking system. It led to comments and actions by relevant authorities, including politicians, that added to the uncertainty amongst the general public and market participants, which was most starkly observed in the context of UK's fifth largest mortgage lender, Northern Rock (NR).
The law regulating the gas pipeline sector will end up making the public sector incumbents dominant players in the market.