SEARCH

Business

Updated: January 27, 2010 17:08 IST

Worst is over, 2010 looks positive: Premji

PTI
print   ·   T  T  
Emerging economies like India, Brazil and China have already started to show smart growth recovery: Azim Premji. File photo
AP
Emerging economies like India, Brazil and China have already started to show smart growth recovery: Azim Premji. File photo

The outlook for the global economy has turned positive this year and the worst is over even though the road ahead is full of challenges, Wipro Chairman and a co-Chair of the World Economic Forum (WEF), Azim Premji said.

“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 in his message to the global business and government leaders for the annual WEF meeting here.

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.

Premji shares the position with Josef Ackermann, Chairman of the Management Board Deutsche Bank, Melinda French Gates, Co-Chair, Bill & Melinda Gates Foundation, Peter Sands, the Group Chief Executive Officer, Standard Chartered Bank; Eric Schmidt, the Chairman of the Executive Committee and Chief Executive Officer, Google Inc, Ronald A Williams, the Chairman and Chief Executive Officer Aetna; and Patricia Woertz, the Chairman, President and Chief Executive Officer Archer Daniels Midland.

Premji, who could be often seen in a bus ferrying delegates from their hotels to the Congress Centre, the venue of the meeting, said 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. The WEF meeting which has 2,500 influential people participating, would try and deliberate on these issues.

“Look at the rate of melting of the Himalayan glaciers.

In a few decades, we may have no glaciers. Over a billion people live on the rivers fed by these glaciers in India, China, Pakistan and Bangladesh. We need to think and act today,” he said.

More In: Business | Economy

Commodity prices

Take a look at the prices of various commodities in Chennai here»

Instagram

O
P
E
N

close

Recent Article in Business

Finance Minister Arun Jaitley addressing a press conference after a Cabinet meeting in New Delhi on Wednesday.

Country can no longer wait for reforms: Jaitley

The Finance Minister suggested that the government may go to the extent of calling a joint session of Parliament if the insurance bill is again blocked in the Upper House »