Global IT services strong despite unsettled conditions: Premji

Global IT services business continues to remain strong despite uncertainty and a volatile macro-economic environment, says Wipro chairman Azim Premji,

"There is some uncertainty as macro-economic environment continues to be volatile. But IT services business continues to be strong," Premji told reporters in Bangalore after declaration of the IT bellwether's results for the first quarter (April-June) of fiscal (2011-12).

He referred to findings of global technology research firm Gartner, which revised its IT spend estimates from 5 per cent in January to 7.1 per cent for this year, while saying customers were prepared for longer period of economic uncertainty even as they looked for avenues for expanding their business apart from reducing cost.

Pointing out that the US market had adjusted to the high rate of unemployment, Premji said it was not a variable thing that it would impact the company's operations at this point of time.

"In the Middle East too, the uncertainty which occurred so far is unlikely to be ignited in Saudi Arabia," he said.

Premji said that appropriate investments were being made to create a differentiation in the market place and hoped the global software major would return to solid growth rates again during the coming months.