The Hindu Business Line : Strong fundamentals will stand India in good stead: Nilekani

Hyderabad, Jan. 17 The ongoing Satyam Saga and the Mumbai riots are issues of serious concern that we need to pause and address urgently. However, the lessons learnt from them could help strengthen the resolve of the people to ensure that India emerges a stronger economic power.

While the terror events in Mumbai galvanised the public and squarely brought the focus onto good governance, the financial fraud at Satyam will get good corporate governance onto the centre-state of corporate India.

That is Mr Nandan M. Nilekani, Co-Chairman of Infosys and author of ‘Imagining India — Ideas for the New Century’. In Hyderabad on Saturday to release his maiden work, Mr Nilekani said the Satyam events will also put more pressure on the role of auditors and Independent Directors in companies.

On the possible fallout of these events and the economic recession on the Indian IT sector, Mr Nilekani said: “The downturn is definitely very challenging, but the fundamentals of India in the emerging world are strong and will stand in good stead”.

‘Will bounce back’

He saw lot of opportunities for the Indian IT industries. “Though, the sector is passing through a period of stress, it should be a short-term phase. In the long run, we will bounce back,” he told Business Line in a brief interaction.

With the pressures on the IT sector, the job market has definitely broadened, with more youngsters looking out for various other fields. In fact, it started a few years ago with the growth in pharma, retail, etc. and it is a healthy trend, Mr Nilekani felt.

The Infosys top honcho, who presented a strong case for India to emerge as a global power in the decades ahead, tracing its strengths, contradictions, opportunities and obstacles in his book, felt that there was space for more corporates to get involved in supporting basic demands like education, health and amenities, especially in rural and semi-urban areas, to accelerate India’s growth story.

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