India is growing at a rate of 6-7 per cent this year and has become the global software development centre, he said.
Even as the private sector is raising concerns over weakening demand conditions, IT industry veteran Narayana Murthy has said the current economic environment is the most conducive for growth for first time in the last 300 years. The existing set up boosts confidence that the economy can overcome poverty and lead to a better future for the people, news agency PTI reported Infosys co-founder Narayana Murthy as saying at an event on Thursday. India is growing at a rate of 6-7 per cent this year and has become the global software development centre, he also said.
The confidence among investors is at a historic high and the portfolio investments from abroad and foreign direct investment into India are growing faster than ever, the veteran businessman noted. The Forbes magazine shows that the number of billionaires in India is also surging, PTI also reported one of the leading architects of the software industry in India as saying at the event.
It comes at a time when the India Inc. is demanding a stimulus package from the government to bail it out from the ongoing financial stress. Talking particularly about the automobile industry, Rajiv Bajaj, managing director at Bajaj Auto told CNBC TV18 in an interview that most of the automobile slowdown is the industry’s own making. The automobile industry must first look at its own shortcomings before asking the government to help it tide over the slowdown, he also said.
A drop of 5-7 per cent in the sales of two wheelers can;t be dubbed as a financial crisis, he noted. According to him, a 5-7 per cent drop in retail sales in the two wheeler segments cannot be dubbed as a financial stress. The firms shouldn’t take to fear mongering by talking about the job cuts as the salaries of the employees only account for 4 per cent of the sales, he also told CNBC TV18.