Narayana Murthy, the co-founder of Infosys and a prominent figure in India’s tech industry, has once again emphasized the need for a 70-hour workweek to propel the country towards economic growth and poverty eradication. Speaking at the centenary event of the Indian Chamber of Commerce in Kolkata, Murthy highlighted the importance of hard work, high aspirations, and job creation for India’s youth to ensure the nation’s progress on the global stage.
The Call for Hard Work and High Aspirations
Murthy underscored that India’s youth must embrace a strong work ethic to realize their potential and contribute to national development. At the event, he remarked that 800 million Indians currently depend on free rations, a stark indicator of the nation’s economic challenges. He questioned, “If we are not in a position to work hard, then who will?” urging the younger generation to step up and take responsibility for the country’s future.
Reflecting on Infosys’ journey, Murthy explained how the company consistently benchmarked itself against the best global firms. He believes that India still has significant ground to cover in terms of productivity and competitiveness.
Job Creation as a Pathway to Prosperity
According to Murthy, job creation is the cornerstone of poverty alleviation. He asserted that enabling people to earn a disposable income is the most effective way to uplift millions of Indians. He also emphasized the critical role of entrepreneurship in nation-building, arguing that while governments facilitate infrastructure and policy, it is entrepreneurs who create jobs, generate wealth, and contribute taxes.
Murthy urged Indian entrepreneurs to adopt “compassionate capitalism,” a blend of economic efficiency and societal benefit. He believes this approach is essential for sustainable development, balancing the principles of capitalism with the values of liberalism and socialism to benefit the broader community.
Embracing Capitalism for Growth
Murthy’s own experiences shaped his belief in capitalism as a vehicle for national progress. As a former Leftist during Jawaharlal Nehru’s leadership, he admired the vision of early Indian leaders but recognized the need to adapt. He shared, “In India, capitalism had not taken root, and I realized that to create jobs and wealth, we needed to embrace compassionate capitalism.”
This philosophy, he explained, aligns capitalist efficiency with a deep sense of social responsibility, ensuring that wealth creation benefits all sections of society.
Cultural Pride and the Role of Youth
Murthy took the opportunity to praise Kolkata’s cultural heritage, lauding luminaries like Rabindranath Tagore, Satyajit Ray, and Subhash Chandra Bose. He emphasized that India’s rich cultural history should inspire the youth to contribute to the nation’s progress.
However, he also stressed that global respect is earned through performance rather than just historical achievements. “Performance leads to recognition, recognition leads to respect, and respect leads to power,” he stated, urging the younger generation to work tirelessly to secure India’s rightful place on the world stage.
Improving Productivity: A National Imperative
Murthy also highlighted the gap in productivity between India and other nations, citing an observation that a Chinese worker is 3.5 times more productive than an Indian worker. He called for a shift in mindset and work ethic to address this disparity, suggesting that a rigorous 70-hour workweek could be a starting point for bridging the gap.
The Road Ahead
India stands at a crossroads where its vast population, if empowered with the right tools and opportunities, can drive unprecedented growth. Murthy’s vision of a 70-hour workweek may appear demanding, but he sees it as a necessary step for a nation aspiring to eradicate poverty and claim its place among global leaders.
By embracing hard work, fostering entrepreneurship, and adopting compassionate capitalism, India can lay the foundation for a prosperous future. The onus now lies on its youth to rise to the challenge, setting ambitious goals and working diligently to transform India into an economic powerhouse.
This approach not only addresses immediate challenges but also ensures sustainable progress, creating a legacy of growth and opportunity for generations to come.