Obama remark on Bangalore worrying, admits Azim Premji
Terming the US President Barack Obama's tax reform proposal as a "worrying" development, Wipro chairman Azim Premji on Thursday said it was against what Obama said at the recent G-20 summit.india Updated: May 07, 2009 23:05 IST
Terming the US President Barack Obama's tax reform proposal as a "worrying" development, Wipro chairman Azim Premji on Thursday said it was against what Obama said at the recent G-20 summit.
"It's worrying! This is against what Obama said at G-20 summit in London recently," Premji told reporters in Bangalore on the sidelines of the launch of Wipro's product qualification and compliance certificate facility 'Tarang'.
While speaking at the Group-20 summit on April 2, Obama had said that the leading economies in the world had "rejected protectionism that could deepen the crisis".
He, however, on Monday announced end of tax incentives to those US corporations that outsource jobs to other countries, including India.
"It's a tax code that says you should pay lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York," Obama said at White House.
Premji, however, expressed hope that Obama "will exercise a lot of judgment. I hope he will do it."
After unveiling the Tarang facility, Wipro joint chief executive Girish Paranjpe said: "Wipro's agenda to make innovation purposeful and customer centric got stronger with the launch of Tarang."
As the first-of-its-kind facility in the country, the $8.5-million Tarang has been developed by the research and development (R&D) division of Wipro Technologies.
"We are confident this world class facility will enhance our ability to provide fully integrated product development solutions for our customers," Paranjpe added.