Indian IT chief launches salvo at gov't: report

November 1, 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in his second term with businesses complaining that India's future growth is threatened by red tape, graft and an outdated infrastructure.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: India's Wipro posts 19 percent rise in profits

Related Stories

India's Wipro posts 19 percent rise in profits

October 27, 2009

India's third-largest software group Wipro on Tuesday reported a 19-percent rise in net profit and forecast improving demand, underscoring new optimism in the sector.

Wipro posts 9.7 percent profit rise, below forecast

October 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.

India's Wipro positive despite global uncertainty

October 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.

Recommended for you

Team creates functional ultrathin solar cells

August 27, 2015

(Phys.org)—A team of researchers with Johannes Kepler University Linz in Austria has developed an ultrathin solar cell for use in lightweight and flexible applications. In their paper published in the journal Nature Materials, ...

Magnetic fields provide a new way to communicate wirelessly

September 1, 2015

Electrical engineers at the University of California, San Diego demonstrated a new wireless communication technique that works by sending magnetic signals through the human body. The new technology could offer a lower power ...

Smart home heating and cooling

August 28, 2015

Smart temperature-control devices—such as thermostats that learn and adjust to pre-programmed temperatures—are poised to increase comfort and save energy in homes.

0 comments

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.