Information technology company Infosys co-founder NR Narayana Murthy on Friday said that during the Congress-led UPA government, when Manmohan Singh was the prime minister, economic activity in India had “stagnated” and decisions were not being taken. During an interaction with young entrepreneurs and students at the Indian Institute of Management – Ahmedabad (IIM-A), Murthy expressed confidence that young minds can make India a worthy competitor to China.
In response to a question, he said, “I was on the board of HSBC in London (between 2008 and 2012). In the first few years, when China was mentioned two to three times in the boardroom (during meetings), India’s name would come up only once.” Murthy added, “But unfortunately, I don’t know why after What happened in (with India)? (Former PM) Manmohan Singh was an extraordinary man and I have great respect for him. But during the UPA era, India had come to a standstill. Decisions were not being taken.
When he left HSBC (in 2012), India was rarely mentioned during meetings, while China was named about 30 times. Murthy said that today there is a sense of respect for India in the world and the country has now become the fifth largest economy in the world.
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