Indias economy is on the recovery mode from economic slowdown, said Tata Group Chairman Ratan Tata, adding that it may take some more time for the U.S and the U.K. for the same, report media.

Participating in the Silver Jubilee Celebrations of a High Range School run by the group at Munnar, he said that by and large there was no free fall of the economy and it was good news.

About the cost-cutting measures of the group, he said that he had predicted the meltdown beforehand and written to the group companies asking them to adopt economy steps. He said that Tata executives gave up their bonuses and business class travels as a part of cutting costs.

Tata said that the group was looking at many new products to cater to the needs of lower-class people, and low-cost housing was one such item. The group had started its low-cost housing projects in Bangalore, Kolkata and some areas of Assam. It was invited by the Maldives.