Manmohan Singh extraordinary but Indian economy stalled under UPA: Murthy

Exuding confidence in the young generation’s potential to make India a worthy competitor to China, IT czar and Infosys co-founder NR Narayana Murthy bemoaned Friday that economic activity in India has stalled during the UPA regime although Manmohan Singh, the Extraordinary Man was at the helm of affairs.

He made the remark while speaking to students at the Indian Institute of Management (IIM) in Ahmedabad.

“I used to be on the board of HSBC in London (between 2008 and 2012). In the early years, when China was mentioned two or three times in the boardroom (at meetings), India’s name came up once,” Murthy said.

Narayan Murthy explained during a Startup Compass book session with its authors at the Indian Institute of Management Ahmedabad (IIM-A): “For certain years (2008 to 2012) I was on the board of HSBC in London. In the early years, when China was mentioned two or three times, India’s name was mentioned once.”

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Comparing the current government with the previous UPA government, he said the country’s economy has suffered from delays in decision-making.

“Unfortunately, I don’t know what happened after that. India kind of stalled during the government of Manmohan Singh, who is an extraordinary person for whom I have enormous respect. Decisions were not made quickly, everything was delayed. And when I left (HSBC) if China’s name was mentioned 30 times, India’s name was barely mentioned once,” Murthy said, crediting former Prime Minister Manmohan Singh with the 1991 economic reforms.

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When asked where he sees India in the future, he said: “It is the responsibility of the young generation to get people to mention the name of India whenever they mention the name of any other country, especially China, and exuded confidence that the young generation will be able to do this.”

Praising the Narendra Modi-led NDA government at the center for launching ‘Make In India’ and ‘Startup India’, he said: “There was a time when most people from other countries looked down on India, but there are today It’s a tribute to the country that has now become the fifth largest economy in the world.”

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He added: “During the period from 1978 to 2022, ie 44 years, China has outperformed India by six times. But I think if all the wonderful people are sitting here on this site to make things happen, then India too will see the same respect that China gets today.

(Only the headline and image of this report may have been edited by the staff at Business Standard; the rest of the content is auto-generated from a syndicated feed.)

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