The Hindu : Andhra Pradesh News : ‘Scam has tarnished India’s image’

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Sunday, Jan 11, 2009
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Andhra Pradesh

Andhra Pradesh

‘Scam has tarnished India’s image’

Staff Reporter

JNTU Vice-Chancellor advises students to properly plan for higher education

Kakinada: JNTU Kakinada Vice-Chancellor Allam Appa Rao said that the Satyam Computers scandal has tarnished the image of India and also rendered thousands of its employees disheartened at a time when the ambitions of IT firms themselves are in shambles due to the global economic crisis.

He observed that the fraud committed by Satyam Computers was a severe blow to the engineering students as only 20 per cent of those passing out this year are estimated to find jobs in the IT sector.

The current economic crisis is the main reason for this gloomy trend and their woes are certainly compounded by the Satyam fiasco.

These are the kind of contingencies which require a strategic plan to counter the turbulence.

“We need a value-based education to come out of the ‘illusory materialistic prosperity’ that students of the present day tend to hanker after. It is advisable for them to properly plan for higher education and improve their skills in core engineering subjects to confront of the job crisis,” Prof. Appa Rao said in a note on the occasion of Swami Vivekananda Jayanti on January 12.

Darkest days

Prof. Rao stated that the day when ‘India’s Enron’ was made known to the world by Mr. Ramalinga Raju, was one of the darkest days in Indian corporate history when the investor confidence was shaken and the entire corporate sector, particularly the IT companies, started to be viewed with suspicion.

It’s an inexcusable collusion between the accountants, banks and even politicians that obviously created the mess. Mr. Raju’s confessional statement of the wrongdoings in his firm, revealed the fragile foundations of corporate ethics, Prof. Rao added.

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