Economic climate most conducive for growth in 300 years: Narayana Murthy

GORAKHPUR: Infosys co-founder NR Narayana Murthy, the doyen of IT sector in India, known for his frank criticism of political establishments in the past, praised the current economic environment, and said that for the first time in last 300 years, it is conducive for growth and nurtures hopes of a better future.
“For the first time in 300 years, we have an economic environment that engenders confidence with which we can indeed overcome poverty and create a better future for every Indian.If we try hard, we can wipe the tears of the poorest of poor, as Mahatma Gandhi wanted,” said Murthy in his address at the Madan Mohan Malviya University of Technology (MMMUT) convocation in Gorakhpur on Thursday. He was awarded the honorary degree, Doctor of Science, by the university.
“Our economy is growing at 6-7% this year. India has become software development centre of the world. Our foreign exchange reserves have crossed $400 billion. Investor confidence is at a historic high. Portfolio investments from abroad and foreign direct investment are growing faster than ever. Our entrepreneurs are receiving funding from venture capitalists. According to Forbes magazine, the number of billionaires in India is increasing.”
Murthy also spoke about the parallel India, which is contrast of developed one. “However, we have another India steeped in deep poverty, illiteracy, ill health and malnutrition. We have the largest mass of illiterates in the world. About 350 million Indians cannot read or write. More than 200 million do not have access to safe drinking water. About 750 million do not have access to sanitation facilities. We have consistently been among the lowly-ranked nations in human development index.”
“Our government should remove all obstacles before entrepreneurs to create more jobs. Our economic policies have to be less populist,” he added.
Murthy, who had criticised the UPA government in 2012 during a spate of scams, also dwelt on patriotism, and said, “While it is easy to drape ourselves in our national flag and shout Mera Bharat Mahan or Jai Ho, it is difficult to practice its true values.”
“Patriotism means bringing the best out of every citizen, putting the interest of our nation above ours. We have to compare ourselves with countries better than us and learn from them. We have to become proactive in solving the problems of our society rather than expecting others to do it,” he added.