INTRODUCTION The Indian economy remained largely unaffected by the global slow-down due to strong domestic demand. Though a temporary lag was witnessed in commodity and auto sectors, various fiscal measures acted as a stimulus and saw the Indian economy bounce back to the high growth of the years preceding the recession. The year 2010/2011 started on a very promising note. Led by sound manufacturing growth, the Indian economy grew by 8.85 per cent in the first quarter of the year - the fastest