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Probably a bit. As demand for Indian services might take a hit on Indian job market . Pay packages might shrink a bit and property bubble might bust.
India internal demand for infrastucture related industries might hold...but the cionsumer demand might be bit low
ANSWER
India has one of the broadest amount of industries which it relies on. Some of the major factors include the Tourism Industry, the Spice industry, the Music and Movies Industry and the demands for infrastructure as mentioned above. If the US markets fall (as they are falling) many of these factors will be affected, the world will be affected and like a chain reaction (the great depression as example) India is sure to be hit hard, although if most of the major countries in the world remain intack, then India will breeze through the crisis.
(the world is heading towards a reccession so this would be no surprice (it had been predicted by economists at the beggening of the financial year of 2008))
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