Is the European Crisis good for India too?

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An interesting article from Economists View - claiming that the European crisis will actually be profitable for US, at least in the short term (a couple of quarters).

Economist's View: "Is the European Crisis a Net Positive for the US?"

Yes, per usual, two economists, three opinions. In any event, one would have to consider the positive impact of the Greek crisis against any trade drag. And yes, there are positive implications. First, the weaker Euro has taken a bite out of oil prices, which fell back below $70 today. Make no mistake - keeping a lid on oil prices offers continued support for US consumers.

This logic applies to India too !