The billion-dollar scandal at Satyam Computer Services has some Indians questioning the notion of a new India and raised fears that corruption remains endemic. Heather Timmons and Jeremy Kahn in The New York Times:
India’s world-class technology sector was the epitome of “New India,” a nation that had left behind its feudal past to embrace modernity and the market.
But the billion-dollar scandal at Satyam Computer Services has exposed old-fashioned corruption: a patriarch willing to go to any length to keep control, a web of cozy relationships among members of a seemingly untouchable elite, and a governance system that failed to keep either in check.
“The challenge is not that there is corruption in India,” said Rajeev Malik, an analyst with Macquarie Securities, “but that these issues surfaced in a company that only recently was awarded a prestigious international award for corporate governance, and was in a sector that set the bar higher for other sectors.”
And on the blog, Riding the Elephant: Satyam rebuilding begins – but Indian corporate fraud runs deep
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