Indian IT chief launches salvo at gov't: report

Nov 01, 2011

One of India's most respected businessmen slammed the government in remarks printed Tuesday, saying officials have failed to provide leadership as confidence in the country's economy wavers.

Azim Premji, the chairman of IT giant Wipro, said there was a "complete absence of decision-making" within Premier Manmohan Singh's administration, and that "if prompt action is not taken, the country will face a setback."

"You must appreciate how serious this is," Premji, who is widely admired for his and philanthropy, told the Times of India.

Premji made the comments as announced on Monday a modest increase in second-quarter net profits to 13.01 billion rupees ($267 million).

India's government has projected that the economy will grow by nearly eight percent in the current financial year ending March 2012.

But high inflation, rising food and and slowing industrial activity -- combined with a downturn in the -- has led most economists to downgrade their forecasts to between 7.0 and 7.5 percent.

Singh has struggled to push through promised reforms in his second term with businesses complaining that India's future growth is threatened by red tape, graft and an outdated infrastructure.

Explore further: Smart Spending: Why investors are applauding Amazon earnings

add to favorites email to friend print save as pdf

Related Stories

India's Wipro positive despite global uncertainty

Oct 31, 2011

Indian IT outsourcing giant Wipro on Monday projected a positive outlook for the industry, despite gathering clouds over the global economy, as it announced a rise in quarterly profits.

Wipro posts 9.7 percent profit rise, below forecast

Oct 22, 2010

India's third-biggest software firm Wipro reported Friday a lower-than-forecast 9.7 percent rise in quarterly net profit, blaming a higher rupee and wage costs for the disappointing earnings.

Recommended for you

Airbnb to expand tax collection efforts

2 hours ago

Online lodging operator Airbnb is expanding its efforts to collect local taxes, responding to complaints that it competes unfairly with the hotel sector.

Jay Z to acquire Wimp music service

3 hours ago

US rap star Jay Z will make a $56-million foray into the music streaming business by taking over the Norwegian service Wimp, its shareholders confirmed Friday.

How can Google snap its stock out of its stupor?

10 hours ago

Google has turned into a stock market laggard as the shift to mobile devices has lowered the Internet search leader's digital ad prices and the company's expensive investments in far-out technology has trimmed ...

Amazon surprises with profit despite fierce spending

20 hours ago

Amazon surprised the market Thursday with a quarterly profit far better than anticipated for the online giant known for pouring money into projects such as original video programs and delivery drones.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.