One of the most respected figures in corporate India, Wipro chairman Azim Premji, on Thursday lashed out at the UPA government, saying that the economic situation in the country is “not good” and the reform process has not done well.
Speaking at the annual general meeting of the company a day ahead of announcing its quarterly results, the IT czar said that what the government has done so far is “too little, too late”, adding: “We hope to get a stable and cohesive government after elections.”
This is not the first time that Premji has criticised the economic policies of the central government. In 2011, he had named the “complete absence of decision-making” in the government as the biggest concern for India. At that time, he had said that if left unchecked, this (absence of decision making) could set back economic growth. India's GDP growth rate, which was 8.5% in 2010-11, has slumped to a decade-low rate of 5% in 2012-13.
In 2011 a group of luminaries from business, judiciary, and public life had written an open letter to Prime Minister Manmohan Singh highlighting the lack of governance. This group, of which Premji was a part, had expressed concern over the series of scams that it said had led to a trust deficit. Expectedly, the government had rejected all criticism and said the concerns did not reflect reality.
Speaking about his own industry, Premji said that though the Indian IT industry might find it difficult to go back to the rapid 30% growth it saw a few years ago, a double-digit growth rate was very much feasible.
Wipro’s peers TCS and Infosys had beaten market expectations with their quarterly profit numbers released a few days ago.