"We face 2017 with an increased amount of optimism than in 2016. Over the last fiscal, global political uncertainties weighed heavy on the business sentiment impacting the IT industry. Looking ahead, we continue to see a volatile economic environment but the economic prospects for our main countries of exports are a little better. And clients are looking to spend on tech, as tech is becoming a major differentiator," Premji said at the company's annual general meeting in Bengaluru on Wednesday.

 

He also said the board would consider a proposal to buy back shares at its meeting on Thursday. A majority of the large Indian IT firms get over 60% of their business from the US market and the sector is facing challenges owing to the growing protectionism in the country, as also because of the con cerns around Brexit and the widespread impact of new digital technologies that are making older business models redundant.

 

But Premji appea red confident that Indian IT services companies would be able to adapt to the new technologies. "Digital is the central element driving this change.

 

We believe that IT services companies are key to deliver digital to enterprises," he said.

Speaking about Wipro, Premji said he strongly believes that its success would depend on its ability to redefine and align itself with the new global paradigm and the disruptive developments in the industry.

 

"In May, we introduced our new brand identity.We have made significant investments both in organic and inorganic in transforming our business offerings to service the new requirements of customers," he added.