Six years ago, the biggest question facing the Indian industry was whether the Satyam corporate accounting fraud will slow down offshoring to home-bred IT companies. Many thought that the fraud perpetrated by B Ramalinga Raju and team would be seen by overseas clients as a systemic problem within the IT industry.
“We believe that the corporate governance system in India has improved post the Satyam fiasco and Indian outsourcing giants and other corporates have been more cautious owing to the decline in confidence of global clients and investors in Indian companies. Service providers had to go out of the way to ensure that their existing clients and stakeholders are not vary of their investments,” said Sanchit Vir Gogia, Chief Analyst and Group CEO, Greyhound Research.
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