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‘Satyam cannot harm Indian IT’

The government on Thursday urged industry captains to stay within the regulatory framework and said the Satyam scam cannot be allowed to harm the prospects of the Indian IT industry.

business Updated: Feb 12, 2009 21:09 IST
HT Correspondent

The government on Thursday urged industry captains to stay within the regulatory framework and said the Satyam scam cannot be allowed to harm the prospects of the Indian IT industry.

“There should never be a repeat of the (recent) unfortunate failure of corporate governance. We need to ensure that this single aberration does not undermine either the standing and reputation of the IT industry or India’s standing as an emerging trillion dollar economy with the second highest growth rate amongst the major developing countries,” External Affairs Minister Pranab Mukherjee, who is also holding the finance portfolio, said at the Annual General Meeting of Ficci.

Mukherjee said the adverse fallout in a single company cannot be allowed to cast its shadow on the entire Indian IT industry worth $ 60 billion.

“We will take whatever measures that are necessary on the basis of the findings,” he said.

He said in 2008-09, India would still grow at around 7 per cent, at a time when the International Monetary Fund’s latest growth projections show that the advanced countries would shrink by 2 per cent in 2009.

The country’s economic growth would slow down to 7.1 per cent in the current fiscal year—the lowest in six years but would still rate among the hottest growth economies in the world alongside China.