Premji sees double-digit growth for Wipro; slams government

Ahead of the expected announcement of Wipro Ltd's first-quarter results today, Aziz Premji, chairman of India's third-largest software services company, said on Thursday that he expects double-digit growth in the coming years as the US market is recovering and consumer spending improving.

Wipro can achieve growth levels in double-digits of at least 15 per cent in US dollar terms in the coming years as the US market is on path to recovery and there is an uptick in consumer sentiment, he said while addressing the annual general meeting in Bangalore.

He added that the US market is looking better than it was three or four months ago and it seems to have stabilised and consumer sentiment is picking up. The equity markets are also much better now, he said.

Besides, the Middle-East market is also looking good, though European markets are more or less flat, he said, adding that he is neither pessimistic nor optimistic about Europe.

Premji also flayed the United Progressive Alliance government, saying that the economic situation in the country is ''not good'' and the reform process has not done well.

He said what the government has done so far is ''too little, too late'', adding, ''We hope to get a stable and cohesive government after elections.'' The general elections are due in less than a year.

He said the demand environment in India is not encouraging and the market is not in good shape. There is a general sense of indecision on the policy front, which in turn affecting businesses leading to big projects getting stalled.

Wipro is expected to announce tomorrow its earning numbers for the first quarter of this fiscal. Market leader Tata Consultancy Services had posted 16 per cent growth in first-quarter profit, while No 2 Infosys did better than expected by posting 3.7 per cent growth in profit.

Premji also said that before the next AGM, the company will have a woman director on board and he is working towards it.