India must plug US from taking to trade barriers: Premji

India must plug US from taking to trade barriers: Premji

India must plug US from taking to trade barriers: Premji

Premji said the visit of the US Secretary of State Hillary Clinton to India had stated that Washington would not “switch over to protectionism.”

“I think our Prime Minister (Manmohan Singh) and External Affairs Minister (S M Krishna) have taken this up at the appropriate levels in Washington,”  he told reporters in response to questions. “The Prime Minister has taken this up three times with President Barack Obama,” he said.

So, as of now, the issue seemed to have been contained, the chairman of the software major, listed on New York Stock Exchange, said.

“But one should be alert to the fact that the US is facing an unprecedented degree of unemployment...excess of 9.8 per cent,” Premji said, adding, one should continue to keep the pressure on the US not to “switch over to the methodology of protectionism.”

He also said Wipro was taking proactive steps to increase the number of local people in its workforce in overseas operations. Today, locals constitute as much as 30 per cent of its headcount overseas.

Premji said in the last few quarters, governments and businesses across the globe reacted swiftly to the downturn, the results of which can be seen in the emerging signs of stability in the macro environment.

“There is more liquidity in the system, stock markets are off their lows, consumer confidence is increasing, and corporations have generally been more hopeful this quarter, both in their commentary and results,” he said.

“While these are the initial baby steps on the path to recovery, there is growing confidence that the environment is stabilising.”  But Premji said one should not be carried away by these signs and said be patient and cautious.