22.10.2008 - Mirroring the US, India's real estate sector melts down
From Time.com: The new moon of the lunar month of Kartika marks Diwali, the Indian festival of lights, when Hindus across the country worship the goddess of wealth, Lakshmi. But divinities know full well the laws that govern finance, and Lakshmi may now be a little tight-fisted about circulating her riches amid the ongoing global credit crunch. Indian tradition decrees that it is auspicious to make purchases in the days leading up to Diwali, which falls in October or November. With faith meshing so effortlessly with commerce, the season sees sellers, advertisers and marketers urging the devout to spend money with a religious fervor, as they hawk everything from chocolates and consumer durables to gold and houses..... Full Article: Source