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in his second term with businesses complaining that India's future growth is threatened by red tape, graft and an outdated infrastructure.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: MasterCard, Zwipe announce fingerprint-sensor card

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

MasterCard, Zwipe announce fingerprint-sensor card

Oct 18, 2014

On Friday, MasterCard and Oslo, Norway-based Zwipe announced the launch of a contactless payment card featuring an integrated fingerprint sensor. Say goodbye to PINs. This card, they said, is the world's ...

Apple starts iPhone 6 sales in key China market

Oct 17, 2014

Apple began selling its latest iPhone in China Friday, nearly a month after other major territories due to a licence delay by regulators, but it faces a tough battle with rivals led by Samsung in the crucial ...

Microsoft CEO launches diversity training effort

Oct 17, 2014

(AP)—Microsoft CEO Satya Nadella has again apologized to employees and announced in a company-wide memo that all workers will receive expanded training on how to foster an inclusive culture as he works to repair damage ...

Arguments made in ex-dictator's suit against game

Oct 17, 2014

(AP)—A judge has heard arguments from lawyer and former New York City Mayor Rudy Giuliani calling for the dismissal of a lawsuit filed against video game giant Activision by former Panamanian dictator Manuel Noriega.

User comments : 0