Government has realised it's slowing down economic growth rate: Azim Premji

BANGALORE: IT czar Azim Premji on Friday said the government has realised it is slowing down economic growth rate and he expected it to get into policy initiatives action post assembly polls in five States, irrespective of results.

"I personally expect and our company's view is that the government will get much more active on policy initiatives post the elections - irrespective of the results," the Chairman of Wipro, the country's third largest software services exporter, told reporters in response to questions.

"I think they (the Government) have realised that they are creating a backlog and I think they have realised that they are slowing down economic growth rate, which could do long-lasting damage to the economy," Premji said.

He said if the opposition tends to be "a little more constructive", it would just expedite the whole process of parliamenatary reforms, vis-a-vis some of the policy changes that (the) government would like to make and "which are really work in progress".

Premji said right now, every one (ruling and opposition parties) is very preoccupied with fighting the polls (and so, he does not expect policy initiatives till elections are over).

Assembly elections will be held in five states of Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur between January 30 and March 4.

IT major Wipro on Friday reported a 10.43 per cent growth in net profit to Rs 1,456.4 crore for the three months ended December 31, 2011, on the back of increased price realisation, leading it to offer an upbeat revenue guidance for Q4, FY'12.

The company had registered a net profit of Rs 1,318.8 crore in the corresponding quarter of the previous fiscal, Wipro said in a filing to the BSE.