Can India catch up with China, and if so, how? Infosys co-founder Narayana Murthy has spelled out the mantra to position India to not only catch up with China, but potentially surpass it.
Murthy believes that despite the current economic slowdown in the West and China’s growing technological dominance, India has the potential to compete with its South Asian rival China. 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 stressed the importance of generating lakhs of employment opportunities annually along with adequate disposable income. They argue that this is important to stimulate consumer spending in the secondary and tertiary sectors, which will lead to further job creation.
“This 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 make policies that can make their growth faster and easier. I think this is the only way we can move to catch China and perhaps there is no other way to overtake China,” Murthy was quoted as saying.
Meanwhile, Murthy is also optimistic about the potential of generic AI to revolutionize human productivity. As a long-time proponent of the technology, Murthy believes that General AI, like previous technological advances, will ultimately benefit society by increasing efficiency and enabling people to solve complex challenges.
Murthy believes that Generative Artificial Intelligence, like any other technology, will help improve human productivity. He says that when used responsibly, General AI has the power to increase productivity, facilitate problem-solving, and stimulate economic growth.
While Murthy recognizes legitimate concerns about potential misuse and job displacement associated with Gen AI, he says the benefits outweigh the risks in most cases.