MUMBAI: The Prime Minister Dr Manmohan Singh on Saturday said that the Satyam issue is a blot on corporate India and corporates must look in to a
ccounting practices. The PM was speaking at the ET Awards in Mumbai.
The PM said that it is a testing time for the country and the government has taken steps to combat slowdown. “Global financial markets have high risks, there will be a recovery to economic potential,” Dr Singh added.
He reiterated that the rate of inflation has eased and is expected to decline further. This gives flexibility for conduct of monetary policy.
The PM said, “Fiscal deficit will be much higher than before, it cannot be tolerated indefinitely. Growth rate will slow, but still much more than that in other economies.”
On terrorism the PM said, “This award function was postponed due to the ghastly attack in Mumbai last November and we will ensure these attacks do not happen again. No country can tolerate such kind of attack.”
Dr Singh came down heavily on Pakistan and expected it to take action against the terrorists. “I feel the pain and suffering of Mumbai, this was an attack on our nationhood. Pak must ensure these attacks don’t happen again.”
He said that the Mumbai attack revealed shortfalls in the system.
[Source]
Tags: ET awards, fraud, india inc, manmohan singh, PM, satyam
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