In spite of the economic recession and the Dubai crisis, the Indian economy is growing at a reasonable good pace. However, in the face of resurgent market enthusiasm, it is important to remember that the Indian economy is recovering, with recovering being the key word. It is still not up to speed, and is still showing some signs of lack of confidence, but it is getting there. Of the 16 IPO's issued after June, nine have been trading at a discount. This underlines the point that there is recovery. While nine have been trading at a discount, seven have realized their issue price. This is less then fifty percent, but to expect more would be sheer optimism in the face of trouble.

The three major IPO's planned for December, of JSW Energy DB Corp and Godrej Properties, have an even chance of realizing their issue prices. The realization that the Indian Market is stil relatively insulated from international economic crises has permeated the market, boosting confidence.