INFOSYS co-founder N R Narayana Murthy feels India has the potential to catch up and even surpass China’s economy in the future if it follows a three-point growth formula.
In an interview with Economic Times, Murthy said India should focus on creating a favourable business environment for entrepreneurs, increasing the disposable income of its citizens, and generating millions of jobs.
He said as a democracy, India should provide a hassle-free environment for entrepreneurs and create policies that accelerate their progress.
Murthy called upon simplifying regulations and reducing bureaucratic hurdles to encourage entrepreneurship and innovation.
He felt this would attract both domestic and foreign investments and help in economic growth. "This is the only way we can not only match China but surpass it,” he told the daily.
Murthy felt that increasing disposable income and generating employment opportunities was crucial to stimulate consumer spending. This is vital for the growth of secondary and tertiary sectors. He said this in turn will create more jobs.
Power of AI
Murthy is also optimistic about the potential of generative AI (artificial intelligence). He felt this will revolutionise human productivity and solve complex challenges.
He believes that generative AI can also lead to substantial economic growth.
The Infosys co-founder acknowledged the risks associated with its potential misuse and job displacement, but he maintained that its benefits far outweigh the risks.
Murthy said India is facing the twin challenges of a slowdown in the West and China's growing technological dominance. He felt with the right policies India could overcome these challenges and emerge stronger.
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