Almost every developing country has to focus on export-oriented manufacturing to boost jobs, says NR Narayana Murthy, non-executive chairman of Infosys . And hence the government's top priority has to be to ease the process of investing in India.
He says the government must determine what factors will aid ease of doing business here. At the moment, India ranks low in ease of doing business. He says the government must make it easier for foreign institutions to invest in the country.
Also Read: PM's Make in India pitch to extend red carpet for investors
Murthy says prime minister Narendra Modi's visit to the United States is very important. He adds that Modi must try and explain to the US how Indian companies are adding value to their companies, creating jobs for Americans and also participating in corporate-social responsibility. "He (Modi) has to convince them about how Indian companies have become desirable for the US economy," he adds.
On Wednesday's coal price verdict, he questions what will happen to all those politicians who took those decisions, will they be held accountable. And if not, how can future politicians be stopped from taking such decisions (with wrong intentions, if at all).
Below is the verbatim transcript of NR Narayana Murthy's interview to CNBC-TV18's Latha Venkatesh and Sonia Shenoy
Sonia: We do have a lot of focus on the entire manufacturing sector by PM Narendra Modi in the last one month or so. What are the one-two things that you think needs to be done at this juncture to speed up that process?
A: Almost every developing country that has improved the prosperity of its people has invariably focused on export-oriented manufacturing to create jobs for the people in their country. So, therefore, the first priority of our government will have to be to make it easy for foreigners and of course our domestic investors to invest in the India. That is they have to say what is it that we can do to be in the top 10 in the world in terms of ease of business.
As you know we are very low in that index and then find out what are the factors that determine this index, ease of doing business. And then say where are we today in each of those and where is the tenth country in the world and what are the five things that we need to do so that in each of these dimensions or what are the three things that we need to do in each of these attributes so that we indeed get to the top 10 in terms of doing business.
That is the most important thing that we need to do. I don't think celebrating, holding meetings, all those things will help. What will help is whether we can make it easy for foreign investors as well as Indian investors to invest more and more in creating more jobs in India. That is the most important thing.
Latha: The PM is about to fly off to the US, what would you really have him extract from President Obama in terms of this big outsourcing threat to the IT sector itself?
A: I wrote an article, there I talked about how this visit is extremely important for our PM and for the country. It is very important for our PM who has a very charming personality to make friends with President Barack Obama as well as key legislatives in that country and explain how Indian companies are adding value to the American companies - to make them very competitive, not just in the US but in other markets too, explain how we are working to create more and more jobs for American citizens and American permanent residents, talk about how we are taking part in many corporate social responsibility activities. In other words, how Indian companies have become desirable for the US economy. That is something that he has to do.
The second important thing is we have to re-establish connection between the higher educational institutions and institutions of research in the US with similar institutions in India. These are two extremely important areas.
Stay tuned for more…
Infosys stock price
On September 25, 2014, at 11:10 hrs Infosys was quoting at Rs 3666.00, up Rs 16.60, or 0.45 percent. The 52-week high of the share was Rs 3847.20 and the 52-week low was Rs 2894.00.
The company's trailing 12-month (TTM) EPS was at Rs 185.71 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 19.74. The latest book value of the company is Rs 733.03 per share. At current value, the price-to-book value of the company is 5.00.
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