Recession is concern for many people, specially 2009 pass-out batch. Here is ToDo list for students, which will help you to decide your goal and keep working on it.
1. Sharpen your skills
There is only one common requirement for a technology professional - skills. Technologies come and go, approaches come and go, companies come and go - as long as you have strong fundamentals and the will to keep your skills sharp, no downturn is going to stop you. Attend any course related to your field and interest. These days courses are coming at low rate compared to last year.

2. Go For higher education like MBA or MS
Prepare for MBA and GATE and decide for good college you need to focus. In case of MBA better to go for finance, or international business. this can help you in coming future because the time you complete your MBA the market will come up.

follow 10 things to do during recession.

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3. Join the groups or forums
There are ample of groups on internet today, search for the group related to your interest and skills. One example of good and active groups is Twincling Technology Foundation freedom of innovation http://www.twincling.org/.

4. Be active member in tech groups
Ask question in the group let it be small questions for silly questions.

5. Present papers participate in tech days seminars.
You never know, Present papers and participate in Seminars. Recent seminar is going to happen is by The Open Source India Tech Days (formerly LinuxAsia) [www.osidays.com] is scheduled for March 12-14, 2009, at the Chennai Trade Centre, Chennai.

6. leveraged the friend network around you
This is important you need to be in touch with your friends, maintain friends network and be in touch with all. Make new friends also. May be this is time to discover power of orkut.com.

7. Read Good Books
You have to charge yourself internally. You need to become self driven for this you need to have some motivational books collection like You Can Win - by Shiv Khera, 7-Habits of Highly effective people (download audio book for free), Read and prastice mind mapping techniques.

So, keep getting to the other side of the river, breathe, and pay no attention to the water around you. It may slow your progress, but you'll get to the other side!