Akshata Sharma
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Infosys co-founder Narayana Murthy stated at the ELCIA Tech Summit 2024 on Friday that India is far behind China in becoming the world leader or manufacturing hub.
Murthy said, "These (hub, global leader) are all big words that we shouldn't use. China has already become the factory of the world. Around 90% of things in supermarkets and at-home depots in other countries are manufactured in China. They have six times the GDP of India. It is too audacious of us to say India will become the manufacturing hub,"
Explaining why India has a long way to go on the manufacturing journey, Murthy said for the IT sector, the success of business primarily depends on exports.
However, to foster manufacturing growth in India, Murthy suggested entrepreneurs must learn to assess the market and estimate the potential size they can capture, and the government must improve transparency and accountability.
"We hardly depend on India. However, for manufacturing, by and large, the domestic contribution is more and the government plays a big role in the success of manufacturing. Unfortunately, the response time, transparency, accountability, speed, and excellence in public governance in a country like India still needs to improve," Murthy said.
Murthy added, "Entrepreneurs need to learn to assess the market and estimate the possible size they can capture. They must be able to produce simple mathematical models to bring higher value leverage, vis-à-vis all other ideas in the market. This knowledge and talent are mandatory for success,"
'China has 6 times GDP of India. It is too audacious to say We will become the manufacturing hub'; says Narayana Murthy:
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