Earnings to slowdown in FY‘09 !

Berkshire Hathaway Chairman Warren Buffett has made it clear: US economy has moved into recession.
Analysts sees this as a possible indication that global slowdown can't be far behind.
On this account brokerages expect India Inc's earnings to grow at 15-20 per cent over FY’08 – FY’10, which is sharply down from average 30 per cent growth rate that India Inc enjoyed between FY’02 – 08.
Leading brokerage houses have already cut Sensex targets on fears of more downside risk to Sensex earnings.
UBS has lowered 2008 end Sensex target to 19,600 while ICICI Securities has cut April 2009 Sensex target to 21,000.
Brokerage houses have also turn cautious on certain sectors. It has put underweight rating on oil & gas, metals and banks and overweight rating on telecom, consumer, real estate and pharma.
“The earnings across Asia may see some slowdown in FY'09,” said Peter Morgan, Chief Economist, Asia Pacific, HSBC.
Analysts see FY'09 earning per share around at Rs 1200 with expected profit growth around 18-19 per cent.
However, Dalal Street is worried about rising inflation, interest rates and political uncertainty, as these factors can impact India Inc's earnings adversely in near future and you thought decoupling is passe?