Job market in india is not as good as it used to be. I am a java developer having 2+ years experience currently working in a renowned MNC. I thought that switching to other company will be very easy as my senior colleagues used to told me. Buts thats not the case now. How long the job market will be down due to US recession?
Easy question...hard answer. The main thing is adaptability. It's not enough to have core technology knowledge only. India is not working for the US alone and I don't see any problem doing other stuff than banking. There are always opportunities just have to seek them. For ex since US banned online gambling Europe, Asia, South America etc are flourishing in this particular field. There are so many industries that are not affected, find the companies that are doing businesses in those areas and try your luck there. I agree, the money might not be as good and you might have to relocate or things like this but well...this is part of adaptation. Still more than nothing.
Travel and insurances are at their peeks right now. Food and retail is always there not mentioning telecom and entertainment.
What you can do as an individual is, try to market your skills, experience, knowledge and capability better than your competition. Also, try to network and be in the look out for opportunities. Do a research on the marketable skills and technologies/frameworks and keep up with it.