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National Politics

Infosys founder Narayan Murthy says investor confidence at “historic high” amidst concerns over economic slowdown

Narayan Murthy said, “Our foreign exchange reserve has crossed 400 billion dollars. Investor confidence is at a historic high.”

 

New Delhi| Amidst rising concerns over the economic slowdown, Infosys founder Narayan Murthy has surprised everyone by saying that Investor Confidence is at a “historic high”. His comments have come at a time when several top businessmen including Adi Godrej and Rahul Bajaj have expressed concern over the economic crisis.

Speaking at an event in Gorakhpur, Murthy said that our economy is growing at 6 to 7 per cent this year. He also said that India has become the software development centre of the world. “Our foreign exchange reserve has crossed 400 billion dollars. Investor confidence is at a historic high,” Murthy said.

Narayan Murthy also suggested that the government’s policies should be such that will not create any obstacle for the entrepreneurs. “Our govts have to become more citizen-friendly & remove obstacles to entrepreneurs to create a larger and larger number of jobs. Our economic policies have to be less populist and more based on expertise,” he said. “We have to shun jingoism,” Narayan Murthy added.

He also said that we have to identify ourselves as Indians first. “While it’s easy to drape ourselves in our national flag and shout ‘Mera Bharat Mahaan’ or ‘Jai Ho’, it is difficult to practice values. We have to identify ourselves as Indians first & rise above states, religion & caste,” he said.

NITI Aayog VC’s warning

While Murthy’s statement suggests that investor’s confidence is high, NITI Aayog Vice-Chairman Rajiv Kumar has said that India is witnessing crisis never seen before. He said there is a huge liquidity crisis in India and the entire financial system is at risk. He said, “From last 70 years, we have not faced this sort of liquidity situation where the entire financial sector is in churn.” According to him, the crisis has deepened especially after demonetization and GST. Rajiv Kumar further said that today the entire financial sector is churning and no one is trusting anyone. “No one is willing to give loans within the private sector, everyone is sitting on cash,” he said.

Profits are mine but losses are of govt, mindset has to be changed: K. Subramanian

Recently Chief Economic Advisor K. Subramanian has asked the private sector companies to change the mindset. Subramanian told the private companies that an adult cannot continuously ask for help from his father. Similarly, you also have to change this thinking. You cannot keep thinking that I grab the profits myself and if there is a loss, then I should put my burden on everyone.

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