Regulatory mechanism will avert crisis: NRN

{image-Narayan Murthy1_10102008.jpg news.oneindia.in}Bangalore, Oct 10: Present economic meltdown witnessed at global level had demonstrated the need for stringent regulatory mechanism to check it, former Infosys Chief and Mentor Narayana Murthy said on Friday, Oct 10.

Speaking to the newspersons after participating in a celebration event at the Infosys premises here for crossing the milestone of one lakh employees strength, Mr Murthy said, ''there is a need for good regulation to increase the confidence of the people''. On the global economic recession across the world, Mr Murthy said ''There is a realisation for having an effective regulatory mechanism even in those countries, which have taken capitalism as Gospel Truth''.

Welcoming various measures undertaken by the Union Government to tide over the crisis arising over the US economic slowdown, he said it demonstrated that when it comes to the crunch, the Government would rise to the occasion.

The Centre and the Union Finance Minister P Chidambaram had taken certain measures to bolster the morale of the people and were taking steps to improve the situation, he added.

UNI