Turning to India where the country's GDP has hit a six-year low of 5 percent growth. Many key sectors including auto, real estate and agriculture are experiencing a slowdown. Our correspondent Ravinder Bawa looks at what the government is doing to try and improve the economy.

The growth in India's automotive sector has come down by 20 percent in the last six months. The worst hit are the sales of passenger vehicles which have come down by 23.5 percent. Millions have lost their jobs since the beginning of this year.

RAJAN WADHERA, PRESIDENT SOCIETY OF INDIAN AUTOMOBILE MANUFACTURERS "Currently the automotive industry is going through difficult times and the demand for automobile has slowed down significantly. And there is a visible stress across the value chain."

The other sector which is facing a slump is the real estate. In last one year, the number of unsold housing units has gone up by 7 percent. Apartment sales have gone down by 13 percent in top 7 cities in India in June quarter

ATUL CHAWLA FINANCIAL CONSULTANT "Developers are facing a funds crunch and because of that, the process has become slow. Construction has become slow and now only those developers who have liquidity with them are coming up with the projects."

SURAJIT MAZUMDAR ECONOMIST "Cars are not getting sold and the five-rupee biscuit packets are not being sold. The consumers of these products are different and the present crisis is affecting both. And that is why there is a talk of the crisis."

Experts say consumer expenditure has been driving the economy for about a decade. But now demand has come down leading to low GDP growth rate standing at 5 percent at present. But is slowdown here to stay?

SURAJIT MAZUMDAR ECONOMIST "Whatever growth happens whether in productive or less productive sectors, the growth process does not translate into better earnings for what is actually 90 percent of the Indian population. In the absence of 90 percent of the Indian population actually able to provide a market on the basis of which economic activity in India can expand, even the ten percent which is the beneficiary of this growth is now finding it difficult to sustain that process of expansion."

The government is yet to admit that there is a slowdown but it is announcing cushioning measures to revive growth. Ravinder Bawa, Delhi.