Half a decade on from the financial crisis, investors want to see earnings driven by more than just cost cutting.

He said that while the government's recent spate of reforms, including the relaxation of FDI norms is an indication of progress that the government hopes to bring about, the steps were "too little, too late".

Mr Premji was speaking to NDTV on the sidelines of the six-day long World Economic Forum meet, which kicked off yesterday in Davos, Switzerland. Here is an edited transcript of the interview: