Narayana Murthy, the co-founder of Infosys, has once again sparked a debate by defending his advocacy for a 70-hour workweek.
Speaking at the centenary celebration of the Indian Chamber of Commerce in Kolkata, Narayana emphasized the need for hard work among young Indians to propel the nation towards becoming a global leader.
Narayana Murthy Calls for Hard Work
Narayana’s remarks were centered around the idea that India’s youth must embrace a strong work ethic to achieve the goal of making India “number one.”
He stated, “We have to work hard and work towards making India number one. If we are not in a position to work hard, then who will work hard?”.
Narayana’s comments come at a time when the country is grappling with economic challenges and a high poverty rate, with 800 million Indians relying on free rations.
Narayana reflected on Infosys’ journey, highlighting the company’s aspiration to compare itself with the best global companies.
He remarked, “At Infosys, I said we will go to the best and compare ourselves with the best global companies. Once we compare ourselves with the best global companies, I can tell you we Indians have a lot to do. We have to set our aspirations high”.
This mindset, according to Narayana, is crucial for India’s progress and development.
Shifting Perspectives and Role of Job Creation
Narayana shared his personal journey, recalling his admiration for Jawaharlal Nehru and socialism during the establishment of the Indian Institutes of Technology.
He mentioned how his perspective shifted during his time in Paris in the 1970s, where he observed the stark contrast between India’s poverty and the prosperity of the West.
This experience led him to embrace capitalism as a means to create jobs and combat poverty.
Narayana underscored the importance of job creation as a solution to poverty.
He stated, “The only way a country can fight poverty is by creating jobs that lead to disposable incomes. The government has absolutely no role in entrepreneurship. Entrepreneurs build a nation as they create jobs, they create wealth for their investors, and they pay taxes”.
Narayana’s economic philosophy revolves around the concept of “compassionate capitalism,” which combines the efficiency of capitalism with the values of liberalism and socialism.
Embracing Compassionate Capitalism
Narayana emphasized the need for India to embrace compassionate capitalism to build infrastructure and create wealth.
He noted, “If a country embraces capitalism, it will create good roads, good trains, and good infrastructure. In a poor country like India where capitalism had not taken roots, I realized if I had to come back and experiment in entrepreneurship, then we have to embrace compassionate capitalism”.
This approach, according to Narayana, is essential for India’s growth and development.
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