Bangalore: Wipro Chairman Azim Premji on August 9 said the IT sector continued to face turbulent times and it would continue into the next year and the trying times would force global firms to shed their flab and go in for outsourcing.

"The current turbulent times is not settling down and will continue for the next one year," Premji told industry leaders and chartered accountants at the International Conference on Managing in Turbulent times, organised jointly by the Institutes of Chartered Accountants of India and Sri Lanka.

Asserting that large US companies had shattered confidence of investors due to financial irregularities, he said, "It would take a long time to rebuild trust."

Stating that the causes of turbulent times had changed over the years, Premji said first it was changing market pattern through globalisation, followed by the economic downturn and then recession.

Calling on firms to reinvent and innovate in bad times, he said it would help in turning customer-oriented and focus on becoming successful.

"The economic downturn provides firms to draw up strategies, develop new competencies and make investments that would help reap benefits once the economy bounces back," Premji said.

PTI