- Monday, December 16, 2024
The Infosys co-founder emphasised that entrepreneurs play a crucial role in creating jobs and wealth, which help combat poverty
By: India Weekly
INFOSYS co-founder Narayana Murthy has once again emphasised the importance of adopting a 70-hour workweek in India and urged the youth to work hard to alleviate the country’s poverty.
At an Indian Chamber of Commerce’s meeting in Kolkata, he pointed out that a lot more needs to be done to eradicate poverty.
“I can tell you we Indians have a lot to do. We have to set our aspirations high because 800 million Indians get free ration. That means 800 million Indians are in poverty. If we are not in a position to work hard, then who will work hard?” Murthy said.
He felt that to combat poverty, we need to generate employment that would result in disposable income. He said, “I realised the only way a country can fight poverty is by creating jobs that lead to disposable incomes.”
Murthy emphasised that entrepreneurs play a crucial role in creating jobs and wealth, which help combat poverty.
“The government has absolutely no role in entrepreneurship. I also realised entrepreneurs build a nation as they create jobs, they create wealth for their investors and they pay taxes,” he added.
Murthy called upon the young people to avoid mediocrity and embrace hard work to create a prosperous and globally respected nation.
“Performance leads to recognition, recognition leads to respect, respect leads to power,” he added.
The Infosys co-founder had earlier taken a dim view of work-life balance and said he does not agree with the idea.
He recalled that he was disappointed when Infoys adopted a five-day workweek in 1986.
Stagnant wages
While Murthy talks of disposable income, a report prepared recently by industry body FICCI and staffing firm Quess Corp for the government showed that while corporate profits grew four times in the last four years, real wages have remained stagnant.
The study examined six sectors and found that the compounded annual wage growth rate of wages between 2019 and 2023 ranged from 0.8 per cent to 5.4 per cent, Indian Express reports.
While the fast-moving consumer goods sector, with an increase of 5.4 per cent in wages, topped the chart, the manufacturing sector came at the bottom of the heap with a meagre 0.8 per cent.
Adjusted to inflation, which grew at an annual average rate of 5.7 per cent in the last five years, private sector wages have actually seen a negative growth.
This stagnation in wages has been a factor in India’s low private consumption, which is taking a toll on the country’s economic growth.
