'IT industry need not worry about US economy'

Bangalore, July 19: Wipro Czar Azim Premji today said Indian IT Companies need not worry about the US market, their major contributor, despite the US Dollar losing strength against most of the world currencies as its economy always remained stable and strong.

Speaking to mediapersons after announcing the first quarter results in which Wipro Limited reported a 'satisfying' 34 per cent growth in its revenue at Rs 4,203 crore with a PAT of Rs 726 crore he said, ''Demand has always been high and it will continue to be so as there is no limitation.

''Opportunities to win in the US market will continue to be robust for the Indian IT sector.'' He said compared to the US market, the Indian market always remained slow despite the buoyant economy.

Wipro geographical distribution of IT business include 65 per cent of its revenue coming from the US, while the Europe accounted for 30 per cent.

He said the Indian IT sector need not worry about IT/BPO space moving to 'cheap' countries due to cost management.

''Many of us already opened centres outside India. This included China, Philippines, Eastren Europe and some countries in Latin America. We are looking at even cheaper centres like Vietnam,'' he said.

Whatever may be the case, the Indian software industry gives value to the US and European markets like no one does. However, they will have to look at other markets too to ensure robust development of the IT sector, he said.

''Indian IT industry is always ahead of others because of its stability, quality, leadership talent and knowledge power,'' he added.

UNI