Premji optimistic about economic recoveryApril 22nd, 2009 - 9:26 pm ICT by IANS
Bangalore, April 22 (IANS) Wipro chairman Azim Premji Wednesday said he was more optimistic now than a month ago about recovery in the Indian and the US markets after a huge amount of uncertainty.
“Overall, we are feeling more optimistic today than we would have felt even four weeks back about the Indian and the US markets though it’s too early to make a call on the European and Japanese markets, which are large markets for IT services,” Premji told IANS here.
Admitting that the world economy and trade almost came to a standstill, Premji said the emerging economic indicators lead one to believe that the global economy would take some time to recover from the aftermath of the financial meltdown.
“But recent indications make us more positive than we would have been even a month ago. We are feeling better now. We are seeing some amount of stability, as the catharsis, which was there in re-organisation, reshuffling of people and the huge uncertainty have been mitigated,” Premji said on the margins of a news conference.
Referring to the coordinated central bank action and fiscal stimulus by key nations to help restore confidence in the last quarter, the tech czar said the demand generation was good but conversion to wins remained a challenge.
“The meltdown has affected our customers across geographies and industries. They want cost takeouts, capital conversation and optimising business processes. We hope this would lead to increased engagements with us in their transformation journey,” Premji said in a statement later.
In crisis like this, also come opportunities to refuel and revitalise the economy.
As part of is strategy to sustain growth and consolidate its global operations, the company will foray into new verticals such as global homeland security market, defence offset spin-offs and healthcare.
“We are entering an un-chartered territory in the global economy and the IT sector. While environment is challenging, the value proposition of the outsourcing in general and off-shoring in particular have only strengthened,” Premji said.
“We are confident that we are making right investments for a bright future. We will continue to invest in our front end and retain customer proximity,” he added.
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Tags: azim premji, catharsis, czar, demand generation, economic indicators, economic recovery, financial meltdown, fiscal stimulus, foray, geographies, global economy, global homeland, global operations, japanese markets, security market, spin offs, value proposition, verticals, wipro, world economy