Can India catch up with China, and if yes, how? Narayana Murthy, the co-founder of Infosys, has spelt out the mantras for India to be in a position to not only catch up with China, but also potentially overtake it.
Murthy believes that India has the potential to compete with China, its South Asian rival, despite the current economic slowdown in the West and China’s growing technological dominance.However, to achieve this, India must prioritize creating a conducive business environment for entrepreneurs and focus on increasing the disposable income of its citizens, Murthy told ET in a recent interview.
Murthy emphasized the importance of generating millions of employment opportunities annually, accompanied by a substantial disposable income. This, he argues, is crucial for stimulating consumer spending in secondary and tertiary sectors, which in turn will lead to further job creation.
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“That will also create new jobs. And my own belief is that as a democracy, if we can provide a hassle free environment for entrepreneurs, if we can create policies that make their progress faster and easier. I think that’s the only way we can move forward to catch up with China and perhaps even overtake China. There are no other methods,” Murthy was quoted as saying.
Meanwhile, Murthy is also optimistic about the potential of generative AI to revolutionize human productivity. As a long-time proponent of technology, Murthy believes that Gen AI, like previous technological advancements, will ultimately benefit society by enhancing efficiency and enabling people to address complex challenges.
Also Read | Why Infosys’ Narayana Murthy wants to be remembered ‘not as a good man but…’
Murthy is of the view that generative artificial intelligence, like any other technology will help improve human productivity. He says that when utilized responsibly, Gen AI has the power to boost productivity, facilitate problem-solving, and stimulate economic growth.
While Murthy recognizes the valid concerns surrounding the potential misuse and job displacement associated with Gen AI, he maintains that the benefits outweigh the risks in most cases.
Murthy believes that India has the potential to compete with China, its South Asian rival, despite the current economic slowdown in the West and China’s growing technological dominance.However, to achieve this, India must prioritize creating a conducive business environment for entrepreneurs and focus on increasing the disposable income of its citizens, Murthy told ET in a recent interview.
Murthy emphasized the importance of generating millions of employment opportunities annually, accompanied by a substantial disposable income. This, he argues, is crucial for stimulating consumer spending in secondary and tertiary sectors, which in turn will lead to further job creation.
Also Read | ‘Friend not a foe’: Infosys founder Narayana Murthy compares advent of Gen AI to installation of ATMs
“That will also create new jobs. And my own belief is that as a democracy, if we can provide a hassle free environment for entrepreneurs, if we can create policies that make their progress faster and easier. I think that’s the only way we can move forward to catch up with China and perhaps even overtake China. There are no other methods,” Murthy was quoted as saying.
Meanwhile, Murthy is also optimistic about the potential of generative AI to revolutionize human productivity. As a long-time proponent of technology, Murthy believes that Gen AI, like previous technological advancements, will ultimately benefit society by enhancing efficiency and enabling people to address complex challenges.
Also Read | Why Infosys’ Narayana Murthy wants to be remembered ‘not as a good man but…’
Murthy is of the view that generative artificial intelligence, like any other technology will help improve human productivity. He says that when utilized responsibly, Gen AI has the power to boost productivity, facilitate problem-solving, and stimulate economic growth.
While Murthy recognizes the valid concerns surrounding the potential misuse and job displacement associated with Gen AI, he maintains that the benefits outweigh the risks in most cases.