IT Cos. Should Move Away from US Centric Economy: Pitroda

Sam Pitroda, CEO of US based World Tel urged nations in general and IT  companies in particular to move away from the
US centric global economy and  open up new avenues and vistas for attaining sustainable market and economic
development. He was speaking at a session at the Partnership summit 2003,  jointly organized by the Confederation of Indian Industries
(CII) and the  state government of AP. Examining the state of the world economy in the
context of the US economy, Pitroda said that the US dictates global policies
and programs to the extent that a seizure of the US economy results in an  epidemic in the world economy.

"Most of the latest technology in the world, during the last 50 years has
come from the US, once again giving it the position of dominance. The US  dominance on the world can also be seen in yet another side of business
life- namely the financial sector. IT is supposed to provide  decentralization in every walk of life except the financial world, where
dollar dominates, providing a perfect antithesis to the IT revolution," he
explained.

Speaking about the futuristic society, Pitroda said that very soon people to
people money exchange would be possible on cell phones and this would take
over the world of plastic money by storm. "When we will have this kind of  situation then people all around will have a choice of using either a
'Tata  money' or a 'BPL money' which would sound the death knell for the whole
financial system and the Reserve Banks would become obsolete," he informed. 

(CNS)