Don’t over-react to scam: FICCI

The Federation of Indian Chambers of Commerce and Industry has underlined that "over-governance" and "over-regulation" cannot be the answer the current problems, reports Mahua Venkatesh.

Even as the ugly face of the Satyam saga is raising questions on corporate governance in the country, the Federation of Indian Chambers of Commerce and Industry has underlined that "over-governance" and "over-regulation" cannot be the answer the current problems.

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“There cannot be a knee-jerk reaction to this incident, though shocking but corporate governance is something that eventually has to come with a deep sense of values and ethics," Harsh Pati Singhania, Ficci’s new president, told Hindustan Times.

Singhania said that banks need to bring down interest rates further to boost growth, which in turn would generate jobs. He said banks need to pass on to industry some of the gains from Reserve Bank’s rate cuts.