Narayana Murthy Lists Four Things India Needs To Become $10-Trillion Economy
How feasible is Prime Minister Narendra Modi’s aspiration to make India a $10-trillion economy by 2030? “Extremely impossible” if you ask Infosys' Co-Founder Narayana Murthy.
Finance Minister Piyush Goyal, in his budget speech last week, laid down a 10-point vision of the Modi government to make India a $10 trillion by 2030. According to Murthy, who was speaking at the annual event of TiE Mumbai, the ambitious target can be met only if the government follows these four strategies.
No economic transformation can take place unless there is cultural transformation.
“Hard work, honesty, courtesy, discipline, trust, putting the interest of commons ahead of private interest. These are important attributes and for that we need leadership example. It is not just about Prime Minister Narendra Modi, but it has to be by every leader—in politics, corporate, civil society and academia, among others.”
The government needs to enhance the contribution of exports to GDP.
Murthy suspects contribution of exports to GDP is around 13 percent. “No country in the world has managed to show aggressive growth on sustainable basis unless the contribution of exports is 25-30 percent.”
India has to focus on the quality of education.
While a greater number of students are passing out from college, he said, the quality of education is the biggest challenge. Murthy said the quality of education in India is among the poorest in the world.
Reduction in friction for businesses.
There is a lot of restriction to business, and angel tax is a classic example, Murthy said. “If the country really wants to create jobs and it can only happen through entrepreneurs and they must be revered.”