US is surely under recession.As far as India is concerned, its not facing recession, but effects of recession in US, Japan.Simply to understand, during recession demand goes down, as a result Indian exports get affected too, lowering the economic activity.Also outsourcing gets reduced , so lesser work for Indian corporates,hence less employment opportunities etc.
When it will end, no one really knows.All one can say is that historically recession has an average life of around 2 yrs.So lets hope by the end of 2010, good times will begin.