‘The global crisis is an opportunity, not a problem’ | business | Hindustan Times
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‘The global crisis is an opportunity, not a problem’

business Updated: Aug 09, 2009 21:57 IST
Mahua Venkatesh

All eyes are set on Shiv Nadar, founder of HCL after the recent announcement of his daughter Roshni joining HCL Corporation. Nadar, who featured in the Forbes list of Indian billionaires, is now devoting a lot of time to Shiv Nadar Foundation, the family trust. A pioneer of the IT industry in India, Nadar believes the global financial crisis can turn into an opportunity for the country. “We must grab the opportunity an not let it go,” he said. Nadar spoke to

Mahua Venkatesh

about the IT industry, the financial crisis and his role in the Shiv Nadar Foundation.

The IT industry in the country came under the scanner after the Satyam episode in January. How has it been for the IT industry after that?
The IT industry in India is integrated globally and it cannot be marred by one company or incident. The Satyam incident is a one-off case and it does not reflect anything on the industry. At HCL, we have very high standards of audit and disclosure norms. We have had Enron-like cases in the past but that has not impacted America as such; I see no reason why this one incident could have raised questions on the industry as a whole.

Do you think the new Companies Bill would help India Inc avert Satyam-like situations?
Most companies like even HCL already maintain global standards. The new bill will also help as it seeks to maintain high disclosure norms.

The global financial crisis has also had an impact on the industry. How do you think, that can be addressed?
Well, the global financial crisis should be taken an opportunity and not as a problem. In fact there would be a tendency now to readjust the cost structure and this would be beneficial. In countries like China, we have seen this happen and it is beneficial.

How does HCL fit into this opportunity?
HCL has been growing at 30 per cent or more. We hope this is maintained. It has been a healthy growth rate.

There has been a lot of speculation over your daughter Roshni’s career moves. What role do you see for her in the next five years?
This is a question that only Roshni can answer.