Nasscom delays growth target announcement due to Satyam scam | business | Hindustan Times
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Nasscom delays growth target announcement due to Satyam scam

business Updated: Jan 11, 2009 13:03 IST

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National Association of Software and Services Companies (Nasscom) has held back its announcement on revised targets for the IT industry in the country due to the Satyam fiasco, a senior industry official said.

"The revised IT industry target for FY 09 was supposed to be announced on the same day the Satyam fiasco happened," Nasscom Chairman Ganesh Natarajan told PTI in Mumbai. "The targets were going to be announced at 11 am on that day but the Satyam scam broke at 10 am," he said. On January seven, former Satyam Chairman B Ramalinga Raju resigned admitting falsifying company accounts and understating liabilities to the tune of Rs 7,800 crore. "We are now planning to announce revised targets this week," Natarajan said.

In the beginning of the financial year, Nasscom had projected a 21-24 per cent growth target for the IT sector which it has revised due to the slowdown. The apex IT-ITes body also feels that the Satyam case would not have any impact on industry targets. "For the industry, revenues are important. I have not seen any data so far to suggest that the revenue outlook of the industry will change because of Satyam," he said. "Unless we see a significant restating of accounts (of Satyam), I do not see that happening," he said.