Premji says that India is a "huge country and a large market to sell into", so he understands why Western leaders are looking to the subcontinent for growth. No doubt Lagarde and others would argue that solving the debt crisis is in the interest of all businesses around the world.
But he argues that India should not simply bail out the eurozone with cash. The downturn has prompted economic protectionism which has squeezed the activities of multinational companies such as Wipro.
And now I can't get rid of it because it's part of my brand."Premji's brand identity as the father of the Indian outsourcing phenomenon is pretty strong at home, and is growing throughout Europe, the US and even the Far East."The news article about promoters of Wipro evaluating sale of their holding in the company is baseless and malicious.There is no truth to these unsubstantiated rumours," Premji said in a letter to the company's employees."From our point of view, it kickstarted a lot of IT companies."The irony is that these days IBM is investing heavily in India, and has around 19,000 people in the country.Last year, Premji, who took over Wipro in the 1960s when it was a bn vegetable-oil company, was again on Time magazine's list of 100 most influential leaders.