 Online edition of India's National Newspaper Saturday, Jun 21, 2008 ePaper | Mobile/PDA Version |
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Tamil Nadu
CHENNAI: The current economic worries in India are a cause for concern, but are more like a “fasten your seatbelt” sign than a “panic” signal, S. Mahalingam, Chief Financial Officer, Tata Consultancy Services (TCS), said on Friday Inaugurating ‘The Indian Finance Forum’ (TIFF 2008), a two-day finance conference, organised by the Confederation of Indian Industry (CII) here, he said there was potential for growth in all sectors because of domestic as well as global demand. The current slowdown was a reflection of the global factors and could be controlled through dynamic strategies with a global outlook. Multiple regulatory policies needed to be understood, and careful evaluation of risk had to be made by companies, he said. As for the possibilities for growth, Mr. Mahalingam said even the information technology sector had global demand, growing at 9 per cent despite reports suggesting stagnation. He stressed the importance of inorganic growth in the form of strategic takeovers and acquisitions. He listed automotive, infrastructure, telecom, retail and healthcare sectors as other key areas for Indian companies. Though the banking, financial services and insurance (BFSI) sector, which accounts for nearly 40 per cent of the TCS revenues, had witnessed serious problems in the past few months, Mr. Mahalingam reckoned there was adequate demand for IT services from all sectors. Similar sentiments were echoed by T. T. Vijayaraghavan, co-chairman, TIFF 2008, who said the situation was ripe with tremendous opportunity despite the volatility and risks involved. Earlier, L. Ganesh, chairman TIFF 2008, said India’s regulatory framework had ensured that the banking industry had suffered only a small fraction of the shocks caused by the troubles in the U.S. and other places. Venture capital firms were showing tremendous interest in India, investing $543 million in 2007. Indian firms also announced $22.06 billion worth of acquisitions in 2007, he said. Following the opening session, sessions on growth capital, emerging mergers and acquisitions trends and a session on Indian companies going global were held. Sessions on derivatives and risk capital will be held on the second day.
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