Azim Premji, chairman of IT giant Wipro, said on Wednesday that India's information technology services sector will grow by a whopping 32-36 per cent in the next fiscal.
Speaking at NASSCOM India Leadership Forum in Mumbai, Premji also said that ITeS, which accounted for three per cent of India's GDP will grow to seven per cent in the near future.
Citing examples of the achievements made across various sectors, Premji said India has come a long way from being a protected economy. Globalisation across various sectors including pharma, textiles, legal services, accounting and telecom has been a major contributor to growth.
Elaborating on the scale of success of various Indian companies, Premji said India's growth can be compared to that of the US, Canada and some European countries as India has become a 'knowledge enabler'.
"We have inherited inherent strength of being a knowledge driven nation from the past and have capitalised on this strength. The education system in India is very competitive and one of the best in the world. Though rote learning has been criticised, we have proved that it is not bad.
"Education needs to be given a major thrust as a good majority of the students drop out after the seventh standard. We have to capitalise on the growing young population in India," he said.
Premji said India's 'multiculturism' has also helped the country to a great extent. "India is a multi-lingual society. Every Indian knows at least three languages, which makes it easier for them to learn any foreign language. Indians also have the advantage of being courageous, and is value driven and has good vision," he added.
He however warned that even though various foreign agencies have expressed favourable opinion about India's growth, the country cannot afford to be complacent.
India, he said, has to gear up to face competition from not just European countries but even Pakistan and Bangladesh who have emerged as cost effective counterparts for global business.
India has to invest in quality services. It is not a means to an end, but a means to enhance the country's business prospects, he said.