Renowned software industry pioneer and Infosys co-founder, NR Narayana Murthy, articulated a thought-provoking perspective on societal contributions, emphasizing reciprocity in availing government services and subsidies. Addressing attendees at the 26th Bengaluru Tech Summit 2023, Murthy underscored the importance of compassionate capitalism in India’s trajectory toward prosperity.
“Nothing should be given free,” Murthy declared, advocating for a paradigm shift where beneficiaries of government provisions actively contribute towards societal development. He expounded on the concept, proposing that citizens availing services or subsidies must engage in activities beneficial to the community in return.
While acknowledging the significance of providing services to those in need, Murthy highlighted the importance of expecting contributions from recipients to improve the future prospects of subsequent generations. His sentiments resonated with the belief that expecting a certain level of responsibility from beneficiaries can pave the way for societal progress.
During a ‘Fireside Chat’ moderated by Nikhil Kamath, Co-founder of Zerodha, at the Tech Summit, Murthy highlighted the necessity for higher taxation in a country like India with a substantial population living below the poverty line. He stressed that a higher tax rate is imperative to facilitate efficient governance and the provision of essential public services.
Transitioning from his ideological shift from leftism to compassionate capitalism, Murthy elucidated that this approach offers the most viable solution for India’s advancement, emphasizing the role of free-market dynamics and entrepreneurship in poverty alleviation.
When probed about strategies to enhance India’s per capita GDP, Murthy urged political leaders to study China’s trajectory meticulously. Drawing comparisons between the two nations, he urged the incorporation of favorable aspects from China’s growth story into India’s developmental strategies.
Murthy also commended the National Education Policy initiated by Prime Minister Narendra Modi’s government, expressing optimism in its potential to chart a progressive path for the nation’s educational landscape.
Additionally, he called for collective efforts from political parties, intellectuals, academics, and corporate leaders to devise pragmatic solutions that attract foreign direct investments, fostering India’s economic growth.
Highlighting the need for improved governance in Bengaluru, Murthy proposed augmenting the city’s public governance system, expanding English medium educational institutions, and accelerating infrastructure development, particularly the metro services to vital business hubs.
The visionary entrepreneur emphasized the importance of working relentlessly toward achieving infrastructural milestones, drawing inspiration from countries that operate multiple shifts to expedite developmental projects, envisioning a Bengaluru that exceeds global standards in progress and efficiency.
Sources By Agencies
