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One scam can’t be allowed to harm IT industry: Pranab

Pranab Mukherjee said the government will make every effort in getting to the bottom of Satyam fraud.

Written by Agencies | New Delhi | Published: February 12, 2009 11:48 am

Asserting that the Satyam scam cannot be allowed to harm the prospects of the Indian IT industry,the government said it will make every effort in getting to the bottom of this fraud.

“We will spare no effort in getting to the bottom of this terrible scam and will take whatever measures are necessary on the basis of the findings,” External Affairs Minister Pranab Mukherjee,who is also holding the finance portfolio,said at the Annual General Meeting of FICCI.

The government acted swiftly and is doing everything in the domain of investigations,protecting the livelihood of thousands of employees and restoring confidence among clients.

Without naming Satyam,he said this one single aberration does not undermine either the reputation of the Indian IT industry or the country’s standing as an emerging trillion dollar economy with the second-highest growth rate among the major developing countries.

“The adverse fallout of the (wrong-doings) in a single company cannot be allowed to cast its shadow on the entire Indian IT industry worth 60 billion dollars,” Mukherjee said.

Mukherjee said India is an attractive economic partner for the entire world with external trade of around 350 billion dollars and FDI of around 25 billion dollars per year.

“I remain confident that we will be able to attract more FDI and that FII flows will return to our markets because this is where growth is happening and profits can be made,” he said.

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