SATYAM FIASCO: AN ENLIGHTENING FOR INDIA.......?
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pkgfca
Jan 15, 2009, 1:10:39 AM1/15/09
to Responsive Indian Professionals
SATYAM FIASCO: AN ENLIGHTENING FOR INDIA.......?
Future Shock AND IT’S SEQUELS written by Alvin Toffler , APTLY
PREDICTED – LARGE SCALE (MNCs) EMERGENCE WOULD LEAD TO THE
obsolescence of the order of nation-states, and the rise of
supernational entities.
ILLS OF GLOBALISATION, MNCs :
globalization manifests itself as an accelerated mode of capitalism,
capable of generating distributable surpluses, albeit increasingly in
an highly imbalanced manner … a great evil that everyone, especially
the poor people of the planet, must be protected against. It has
negated the concept of inclusive growth.
Hence a call for -WE must support "self-sufficiency".
And
Is said..
A time for reflexion. Reflect and think and act.....!
Any study would only confirm the obvious
Exports from Indian micro, small and medium enterprises (MSMEs) is
estimated to have reached a record level of $50 billion during
2006-07, amounting to 40 percent of India's total merchandise exports
According to a 2006-07 survey, there are 12.5 million MSMEs in India,
providing employment to 30 million people, and contributing around 50
percent of the country's industrial production
MSMEs are expected to grow at the rate of 13 percent and generate
additional 1.3 million jobs per annum during the Plan period
2007-2012,
THE SATYAM FIASCO..:
WHILE IT IS TERMED AS "an event of horrifying magnitude",
"deliberate". Infosys chief mentor N.R. Narayana Murthy said, the
incident was shocking, painful and a good reminder to other companies
in the sector
Deceitful CEOs - Compared to the financial collapse in US (AIG,
Lehman, etc) and the false information given by so many CEOs right
from Enron, the Satyam episode is very small. Looks like whole world
is full of lying CEOs
BUT,.... IS it a "one-off" CASE…? .........................
.........a short reprieve from the storm the fraud has unleashed. Have
you forgotten the worldcom, enron and the recent siemens 1 billion
fines for alleged bribery?
This Tsunami is of the worst kind for Indian economy which otherwise
could have escaped the financial melt down with minimum pain. Western
business media is likely to paint the whole of Indian economy with
Satyam kind of scandals unless the government takes steps to stop such
an
...........The people have started thinking...
"If I want to cheat handful of people, I become a conman. If I want to
cheat on large scale, I form a company".
"Do you remember the carrot and stick rule of govt? Huh? The people
get beaten with the stick, and the Fortune 500/Wall Street, get the
carrots".
"It (Satyam's case) throws a big question on real corporate governance
standards in India. There are going to be long-term
ramifications,"....widens.. could be far larger than what has been
admitted b
Billions of investor wealth vanished into thin air. Dream of
shareholders foreclosed. Lifetime savings entrusted in the shares of a
mega corporate all vaporised. Tens of thousands of once-proud
employees now cover their faces, trying to grope with the reality of
heavy EMIs and expenses.
It is nothing but a conveniently vieled scam.
It's not an isolated incident, has strong precedents,
and emanates from the denying of the obvious, that
small is beautiful and faithful.
More worse is the fact, Capitalists who are already saddled with
excess capacity don't borrow money, even if the price of capital (i.e.
the rate of interest) falls to very low levels. Moreover, a fall in
the price of labour (the general level of wages), far from making
investment more attractive to capitalists, reduces aggregate demand,
which makes investment less attractive, dragging the economy down
further.
All this would suggest that in the present era the underlying tendency
of capitalist economies is towards stagnation and failure to realize
productive potential. It Is but A Crime Against Humanity
THE SOLUTION:
The policy must provide an " framework [to] encourage international
support for [the Nation's domestic policies, [which] thus promotes its
own security and legitimacy in the international system, and thus, an
adjustment with the fact that - The Role of Small and Medium
Enterprises has remained most significant and imminent in providing an
idealistic developmental framework- an iconic " Gandhian Engineering"
in Letter and Spirit, using lesser inputs, labour intensive, but
delivering at sustainable yet lower cost and to the more, contributing
extensively to the National Exchequer, despite the odds of waning
reservation, protection and availability of cheap finance at
competitive rates ( available to the Big Shots through the Channels of
FDI, and FII, ECB and other financial innovations) and still
insulating the National Economy from the disasters and need to bail
them out at an unprecedented scale at the cost to the Nation ( unlike
the case of Big Ones), yet operating in an enviable ethical
environment and contributing to the enshrined principle of
Trusteeship , the simplistic version of otherwise new, academic and
management jugglery- Corporate Social responsibility..
Finally in view of the Current Fiasco posed by Satyam , and the
upheaval it has caused, all right thinking stakeholders must come out
strongly to save and promote , the otherwise ill treated, deprived and
denigrated sector- The Small and Medium one, a Truthful and National
duty, at this crucial.. , and... stating the obvious, and
connotative impetus .
----------------------------))))))-------------------------------
PRAMOD GUPTA
PKG...@GMAIL.COM
Future Shock AND IT’S SEQUELS written by Alvin Toffler , APTLY
PREDICTED – LARGE SCALE (MNCs) EMERGENCE WOULD LEAD TO THE
obsolescence of the order of nation-states, and the rise of
supernational entities.
ILLS OF GLOBALISATION, MNCs :
globalization manifests itself as an accelerated mode of capitalism,
capable of generating distributable surpluses, albeit increasingly in
an highly imbalanced manner … a great evil that everyone, especially
the poor people of the planet, must be protected against. It has
negated the concept of inclusive growth.
Hence a call for -WE must support "self-sufficiency".
And
Is said..
A time for reflexion. Reflect and think and act.....!
Any study would only confirm the obvious
Exports from Indian micro, small and medium enterprises (MSMEs) is
estimated to have reached a record level of $50 billion during
2006-07, amounting to 40 percent of India's total merchandise exports
According to a 2006-07 survey, there are 12.5 million MSMEs in India,
providing employment to 30 million people, and contributing around 50
percent of the country's industrial production
MSMEs are expected to grow at the rate of 13 percent and generate
additional 1.3 million jobs per annum during the Plan period
2007-2012,
THE SATYAM FIASCO..:
WHILE IT IS TERMED AS "an event of horrifying magnitude",
"deliberate". Infosys chief mentor N.R. Narayana Murthy said, the
incident was shocking, painful and a good reminder to other companies
in the sector
Deceitful CEOs - Compared to the financial collapse in US (AIG,
Lehman, etc) and the false information given by so many CEOs right
from Enron, the Satyam episode is very small. Looks like whole world
is full of lying CEOs
BUT,.... IS it a "one-off" CASE…? .........................
.........a short reprieve from the storm the fraud has unleashed. Have
you forgotten the worldcom, enron and the recent siemens 1 billion
fines for alleged bribery?
This Tsunami is of the worst kind for Indian economy which otherwise
could have escaped the financial melt down with minimum pain. Western
business media is likely to paint the whole of Indian economy with
Satyam kind of scandals unless the government takes steps to stop such
an
...........The people have started thinking...
"If I want to cheat handful of people, I become a conman. If I want to
cheat on large scale, I form a company".
"Do you remember the carrot and stick rule of govt? Huh? The people
get beaten with the stick, and the Fortune 500/Wall Street, get the
carrots".
"It (Satyam's case) throws a big question on real corporate governance
standards in India. There are going to be long-term
ramifications,"....widens.. could be far larger than what has been
admitted b
Billions of investor wealth vanished into thin air. Dream of
shareholders foreclosed. Lifetime savings entrusted in the shares of a
mega corporate all vaporised. Tens of thousands of once-proud
employees now cover their faces, trying to grope with the reality of
heavy EMIs and expenses.
It is nothing but a conveniently vieled scam.
It's not an isolated incident, has strong precedents,
and emanates from the denying of the obvious, that
small is beautiful and faithful.
More worse is the fact, Capitalists who are already saddled with
excess capacity don't borrow money, even if the price of capital (i.e.
the rate of interest) falls to very low levels. Moreover, a fall in
the price of labour (the general level of wages), far from making
investment more attractive to capitalists, reduces aggregate demand,
which makes investment less attractive, dragging the economy down
further.
All this would suggest that in the present era the underlying tendency
of capitalist economies is towards stagnation and failure to realize
productive potential. It Is but A Crime Against Humanity
THE SOLUTION:
The policy must provide an " framework [to] encourage international
support for [the Nation's domestic policies, [which] thus promotes its
own security and legitimacy in the international system, and thus, an
adjustment with the fact that - The Role of Small and Medium
Enterprises has remained most significant and imminent in providing an
idealistic developmental framework- an iconic " Gandhian Engineering"
in Letter and Spirit, using lesser inputs, labour intensive, but
delivering at sustainable yet lower cost and to the more, contributing
extensively to the National Exchequer, despite the odds of waning
reservation, protection and availability of cheap finance at
competitive rates ( available to the Big Shots through the Channels of
FDI, and FII, ECB and other financial innovations) and still
insulating the National Economy from the disasters and need to bail
them out at an unprecedented scale at the cost to the Nation ( unlike
the case of Big Ones), yet operating in an enviable ethical
environment and contributing to the enshrined principle of
Trusteeship , the simplistic version of otherwise new, academic and
management jugglery- Corporate Social responsibility..
Finally in view of the Current Fiasco posed by Satyam , and the
upheaval it has caused, all right thinking stakeholders must come out
strongly to save and promote , the otherwise ill treated, deprived and
denigrated sector- The Small and Medium one, a Truthful and National
duty, at this crucial.. , and... stating the obvious, and
connotative impetus .
----------------------------))))))-------------------------------
PRAMOD GUPTA
PKG...@GMAIL.COM
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