Apart from sharing geographical border issues with China, the country has also been a big economic rival to India. China’s GDP is approximately 2.5 times of India’s. With China’s economy slowing and the West seeing it more as a rival than an economic partner currently, is it India’s chance to take Beijing’s place as the world’s next growth driver? Well, Infosys co-founder Narayan Murthy feels India has the potential to surpass China’s economy in the future. Narayana Murthy presented his views about this in an interview with the Economic Times.
Narayana Murthy said that to overtake China in the industrial sector, India should give priority to creating a favourable business environment for entrepreneurs. The focus should be on increasing the disposable income of its citizens. Narayana Murthy stressed the importance of generating millions of employment opportunities annually along with disposable income.
Narayana Murthy said, “I believe that if we can provide a hassle-free environment for entrepreneurs and businessmen if we can make policies that can make their growth faster and easier, then I think that is This is the only way we can not only match China but surpass it.”
Narayana Murthy is also optimistic about the potential of generic AI (artificial intelligence) to revolutionize human productivity. He is optimistic about the future of AI and believes that general AI will be able to solve our complex challenges by increasing the efficiency of people, which will greatly benefit our society.
Earlier this decade, the Indian government introduced incentive programs worth approximately Rs 2.7 lakh crore to boost domestic manufacturing. These programs offer companies benefits such as tax breaks, reduced land rates, and financial support from state governments to establish factories in India. According to Bloomberg Economics’ baseline scenario, India’s economy is expected to grow to 9 per cent by the end of the decade, while China’s growth rate is projected to decline to 3.5 per cent.
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