Calling it a one-off case, the government today said that it would make every effort to get to the bottom of the Rs 7,000 crore Satyam 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 81 Annual General Meeting of Ficci.
The adverse fallout of the misdoing in a single company cannot be allowed to cast its shadow on the entire IT industry worth $60 billion, said Mukherjee without naming Satyam. 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 government acted swiftly and is doing everything in the domain of investigations, protecting the livelihood of thousands of employees and restoring confidence among clients.
He also hoped that there shouldn't be a repeat of this failure of corporate governnace.
India is an attractive economic partner for the entire world with external trade of around $350 billion and FDI of around $25 billion per year, said he. "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," Mukherjee said.
