The country's foreign exchange reserves are around $300 billion. The country has become the software development centre of the world. Its economy is growing at more than 7 per cent for the last three years, the highest since Independence. India has the highest number of billionaires in Asia.
Articulating these points, the Infosys founder and Chairman-Emeritus, Mr N.R. Narayana Murthy, said, “I see an extraordinary India. Never before did India receive respect from the world community like she does today,” while delivering the convocation address at the JNTU, Hyderabad.
He cited a recent OECD report that said India has created maximum number of jobs among emerging economies. Portfolio investments and foreign direct investment into India are healthy despite some concern among foreign investors. Bollywood dancing has become popular among western youth.
Another India
While these developments look promising, there is another India steeped in deep poverty, illiteracy, ill-health and malnutrition, and without hope and confidence in the future, for no fault of hers, Mr Murthy said. Three hundred and fifty million Indians cannot read or write. More than 200 million have no access to safe drinking water. About 750 million do not have access to sanitation.
“We have created a political system with incentives for most of our politicians to keep our people poor, illiterate and helpless. Thus we are consistently among the lowly ranked nations in human development index,” he said.
Mr Narayana Murthy however saw hope to solve these problems. “For the first time in 300 years we have an economic environment that engenders confidence that poverty can be overcome and a better future created for every Indian,” he said.
“I have the hope that 30-40 years from now, this country will have a set of 40 to 60-year-olds who will be different from the current 60-65-year-old like me. They will create a developed India without many of the current problems,” he said.
Accept meritocracy
Mr Narayana Murthy said “We must accept meritocracy and enthusiastically play the role we are best suited to. Leading by example is the most powerful advice you can give to anybody,” he added.
Earlier, Mr Murthy was conferred a honorary doctorate of the technological university by the Andhra Pradesh Governor and JNTU Chancellor, Mr E.S.L. Narasimhan.