US protectionism will be counter-productive: Azim Premji (Wipro-India)

[OhioChick]

21 Jun 2009, 1156 hrs IST, PTI

LONDON: Wipro Technologies founder Azim Premji, has stressed that the recent American decision to clamp down on H1B visas for skilled workers which could halve the number of Indian IT specialists entering the country, would be counter-productive.

"If we get into protectionism, then the West is going to get a wave of protectionism in response, and that is going to turn back the clock 20 years," Premji told The Sunday Times.

"And it will be America and Europe that suffer," he said because they will be excluded from the only growth markets left, in Asia, Africa and China. You are not going to grow at 10 per cent trading in London, are you," he asked.

Premji, who holds 79 per cent stake in Wipro, one of the world's biggest software support groups said, "We will grow this year, though it won't be at the 16 per cent rate of last year. First, there is significant slowdown taking place, there are budget cuts, deferment of decisions..."

Wipro Technologies, headquartered in Bangalore and with revenues of 3 billion pounds, has become the world's largest provider of independent research and development services, working with technology partners like Microsoft and Cisco.

In Britain it provides IT services for firms, including Tesco, Wm Morrison and Friends Provident. Beyond IT, Wipro also has interests in consumer products, medical systems and engineering divisions. "We are the second-largest hydraulic cylinder company in the world," Premji said.

The Indian outsourcing giants would benefit from the current downturn, as all multinationals seek further economies, he said. But will an Indian IT giant ever buy one of its larger western rivals. He shrugs. Wipro has always preferred to buy small, Premji added.

The founder of the IT giant further indicated that he would pass over large amount of shares to his education foundation in India.

http://economictimes.indiatimes.com/US-protectionism-counter-productive-Premji/articleshow/4683155.cms

What's this guy smoking?

[imdjh]

1. If we're the ones who will suffer, then Premji has nothing to worry about, does he? nt

[Tansy_Gold]

2. And who wants or NEEDS 10% growth?

How come it's okay for him to squawk when HIS sacred cow is being gored, but it's not okay for us to do the same?

We could probably do just fine if we took care of our own, sold into our own market, you know, had our own healthy economy and LET HIM DO THE SAME.



wanker




TG

[Joanne98]

3. grrrrrrrrrr

[Larkspur]

4. India and China already protect their native industries, so why not America

India recently laid off expatriate corporate execs in favor of replacing them with Indians, so why can't American corporations do the same with all of their employees?

[Triana]

5. America should and it can. We will NOT have a recovery until we have jobs

- GOOD jobs.

And as long as those are all going out of the country - there will be NO recovery. It really IS that simple.