| Murthy: Survival of the fittest
New Delhi, Sept. 23: Indian industry will have to perform “extraordinarily well in all dimensions” to fight competition and carve out its own niche in the global market, says Narayana Murthy, chairman and chief mentor at Infosys Technologies.
Airing his views on the first day of the leadership summit organised by the Confederation of Indian Industry (CII) here today, Murthy said leaders are required to be open minded and receptive to fresh ideas. “Don’t stifle the flow but welcome all ideas,” he said.
Murthy said the Indian economy had shown great resilience by surviving the Asian financial crisis of 1997, the Kargil war, a terrible drought situation and the oil shock.
“Despite all of this and the global recession, India stands as the fourth largest economy in terms of purchasing power parity,” he said.
The world has witnessed two consecutive years of decline in real GDP. During the same period, Indian GDP growth averaged over 5 per cent per annum. “Worldwide, FDI has fallen by a sharp 20 per cent last year, but in India it has actually increased to over $4 billion in 2002,” he said.
According to global enterpreneurship model, a whopping 18 per cent of the Indian workforce is engaged in entrepreneurial activities. The comparative figures are 10 per cent in the US, 2 per cent in Japan and 7 per cent worldwide.
Murthy added that due to reforms and global business opportunities, there has been a spurt in the entrepreneurial activities.
“There is a tremendous opportunity for growth as globalisation and falling trade barriers offer Indian industry access to more and larger markets around the world,” he said.