Eurozone crisis events are like Hindi movies: Premji

Bangalore: For IT czar Azim Premji, what`s happening in the eurozone facing a two-year debt crisis is something like new Bollywood films hitting silver screens every week in India.

"I think what you are really seeing in Europe is like a Hindi movie – it`s a week-to-week change in terms of whatever events are developing there", the Chairman of New York Stock Exchange-listed Wipro told reporters in response to questions.

Companies in Europe have now realised that they have not taken advantage in global partnering in IT services adequately, Premji said, adding, relatively conservative countries like Germany and France are now getting into the action in this context.

He said the Euro (currency) has potential to be weaken a little bit, but not substantially.
"And we do not expect that eurozone will break up. Unlikely. The stakes are too big", Wipro Chairman said. "And some amount of bail-outs will take place going forward".

Premji then reiterated: "It`s really like a Hindi movie. It seems to keep changing every week and every fortnight".

Speaking in general terms, he said global macro-economic environment continues to be uncertain. "Europe is the most vulnerable", Premji said.

According to him, the US is "surprisingly strong" as companies there are in a good shape, cash flows are healthy and they are investing to build capacities. In addition, "election year in the US is a year of stimulus".