Infosys co-founder NR Narayana Murthy shared his thoughts on what lies next in terms of reviving the Indian economy in an interview.
The financial impression of the lockdown due to the COVID-19 virus has everyone concerned. As the last day for the extended lockdown draws closer.
Murthy alleged that Indians would have to learn to survive with coronavirus for the next 12-18 months.
Precautions for companies:
Murthy said that the elements he would consider to open up industrial unit. However it would be based on data on who is most defenseless to the disease.
He said that companies must find out how they can best defend their employees, by providing individual defense gear like gowns, gloves, masks and goggles.
Pointing out the testing capability in India, he said that even if India tests 1 lakh individuals a day. It would take 37 years to test everybody.
He added that even if there is vaccine in the near future, we do not know how or if it will work on Indian genetic factor. In these circumstances, Indians must learn to live with the virus for the next 12-18 months.
Indians should toil longer and tougher :
Mr.Murthy also added that to drag the Indian economy out of the collapse that has caused from the COVID-19 pandemic, Indians must promise to toil longer and tougher.
“We should take a pledge that we will work ten hours a day, six days a week – as against 40 hours a week – for the next 2-3 years so that we can fast-track and grow the economy much faster. On the side of the government, they should appoint a committee of well-respected and accomplished people to advise them on how to remove hassles for these businesses, like during the economic reforms of 1991. If we did these two, by and large, we will come out of this much stronger”– Narayana Murthy, Co-founder, Infosys
On MSMEs and Startups :
Mr.Murthy said that startups and small companies could be to assurance loans from banks for them.
”This will help them to have certain working capital for the next 3-6 months. These things should have been done pretty early, but it’s still not too late,”– Narayana Murthy, Co-founder, Infosys
On WFH(Work From Home):
Murthy points out that Indians are not the well-organized bunch. He said that there was a need to create productivity standards.