Satyam scam too small to hit Indian IT firms in US: Official

16 Jan 2009, 2135 hrs IST, PTI

MUMBAI: The Satyam fraud would not have any major impact compared to scams in the UK and America, US Consul General Paul A Folmsbee

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said today.

"The amount of the (Satyam) scam, when converted into the US currency, totals up to around $1-2 billion. If compared with scams in US and UK, it would hardly have any significant impact," he said, interacting with the students of MET School of Management here.

The Consul General also dismissed fears that there are no employment opportunities for Indians in the recession-hit US, the world's largest economy.

"Indian-Americans are like an engine of growth for us. There will be increase in opportunities for the 3-4 million Indian population in US," he said.

Folmsbee said recession is a temporary phase that will be corrected by itself.

"When something like a recession happens the economy corrects itself. We don't have the time frame for its recovery but it may take up to 2-3 years."

India's chances of being affected by the crisis was minimal as it was hardly an export-based economy.