IT sector to see strong revival in FY11: Azim Premji
Azim Premji, Chairman of Wipro, one of India’s largest Indian IT players, in an exclusive interview with CNBC-TV18 said the worst for the IT sector may be over. He sees a strong revival in FY11. He expects the US to see strong signs of revival from Q4 CY09 onwards and believes the revival in India would happen much before the world. Premji is not very optimistic about the increase in budget spends of clients and said the company would continue to be extremely conservative in its approach.
On the GDP expectation announced by RBI in its Credit Policy, Premji said 6% GDP growth for India in FY10 seems realistic and does not expect growth rate to go back to the 2008 levels anytime soon. Slower GDP growth will affect job creation over three years, especially in services, he said and feels the need is to stimulate job creation and demand via infrastructure.