No slow down in the US economy, IT Cos need not worry: Premji

Bangalore, Oct 19 (UNI) IT icon Azim Premji, CMD of IT major Wipro Technologies, today said that there was no indication of economic slow down in the United States and the growing business of the country's IT majors was a testimony.

Speaking to newspersons after announcing the Q2 results of the company, he said the robust revenue figures of the Indian IT companies, for which the US was the major market, was the proof that there was no indications of economic slowdown in the world's economic giant.

"I don't see any such thing (economic slow down) taking place in the US. US economy is buoyant. It is only the uncertainty that is affecting Indian IT and Service sector. There could be some amount of recession though. As far as Wipro is concerned, we are not at all experiencing such a development," he added.

Mr Premji said the Indian IT majors were driven by cost competitiveness and will continue to grow fast. "You can expect more business flow into India both in IT and Services sector," he said.

Company CFO Suresh Senapaty also dismissed the speculations of economic slow down in the US. He said out of the 59 new clients, which included six from Fortune 1000 or Global 500 corporations, 32 were from North America. "So much for the heated discussions on the US slow down. We are not feeling this any way," he said.

UNI