Recession is over, 2010 appears positive: Premji

By siliconindia   |   Thursday, 28 January 2010, 10:52 Hrs   |    15 Comments
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Recession is over, 2010 appears positive: Premji
Bangalore: With the worst fears of a prolonged recession being over, Wipro Chairman and a Co-Chair of the World Economic Forum (WEF), Azim Premji said that the outlook for the global economy has turned positive this year though the road ahead is full of challenges.

"The last 12-18 months have been very difficult for the global economy. However, I think the worst is over, 2010 looks positive," Premji said. The road to recovery, however, would vary in different economies, he said. "While the mature economies are taking time, the emerging economies like India, Brazil and China have already started to show smart growth recovery."

Premji is the sole Indian CEO who has been placed among the top six global CEOs by the WEF, a meet tha has sought to influence policy-makers, businesses and civil society across the world for the past four decades. He is particularly positive about the information technology industry. "It (IT) is the basic tool for efficiency and improvement. Given the challenges, most companies are looking at IT."

In fact, several Indian IT firms have posted better-than-expected results for the third quarter ended December. This year's WEF meeting, which has a theme of 'rethink, redesign and rebuild the world', comes after 18 months of economic crisis and a global demand for tackling climate change.

"These two issues seem almost disparate but to me they are not. They form the basis of my agenda as co-chair. Both are global challenges and need co-ordinated, rapid and overwhelming, response from the global community," Premji said. He said the combination of economic crisis and tackling greenhouse gases present an opportunity in terms of market at the bottom of the economic pyramid and green growth.

However, the world needs to resolve issues like financing the green technologies and increasing purchasing power of the poor in the developing countries.

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