Narendra Modi-led government needs more time to show results: Azim Premji

BENGALURU: Wipro chairman Azim Premji on Wednesday said the Narendra Modi-led government needs to be given more time to show results while assuring shareholders of India’s third-largest software services exporter that the company has enough strength in its balance sheet to pursue acquisitions. “The government is reporting a GDP growth rate of 7.5-8%.

That is still not being felt on the ground in terms of traction. But in all fairness to the government, we have to give it time,” Premji said at Wipro’s annual general meeting. The billionaire chairman also emphasised that the demand for the company’s traditional IT services remained strong across the board, especially in markets such as continental Europe. For years, Wipro has followed a so-called “string of pearls” acquisition strategy, of going in for buyouts in certain niche areas to fill up gaps in the company’s portfolio. Earlier this month, Wipro’s digital business bought Denmark-based strategic design firm Designit for about $94.3 million.

The chairman said Wipro will continue to invest in earlystage startups through its $100-million venture capital arm Wipro Ventures, which is being headed by his son and Wipro strategy chief and board member Rishad Premji.