Mr N.R. Narayana Murthy, Chairman and Chief Mentor, Infosys Ltd, today said India's information technology sector could be worth $300 billion in the next 10 years, provided meritocracy prevailed and the next stage of expansion covered the Tier I and II towns and cities in the country.
Talking to reporters on the sidelines of a function at Ahmedabad University, he said a recent McKinsey report had cited the IT sector's huge potential. “It is all up to us. We must focus on the new possibilities that are emerging and the government must reduce frictions in policies.”
Asked if the Satyam affair continued to impact the global image of Indian IT sector, Mr Murthy said it was no longer an issue. However, various countries see India as a place where policies and judgments take a long time to come.
Replying to a question whether the Indian IT companies could now launch a social networking site like Facebook or Google+, he said, “We are still toddlers. That will happen when we have enough confidence in ourselves and strengthen our software-development skills further.”
He rejected a suggestion that the Indian IT sector was no longer cost-effective and said it continued to be giving value for money to the customers. “We should continue to have price-leverage vis-à-vis others, and understand that value for money is all that matters to a customer.”
Asked if he could consider joining the government after retiring from Infosys, Mr Murthy said he was already heading the Public Health Foundation of India (PHFI) and was busy outside India as well. He praised Mr Nandan Nilekani, who is heading the UID project, saying he was doing a fine job.
Replying to a question, Mr Murthy said corruption led to the emergence of a non-merit-based selection which may not deliver value for money. It has reduced the inflow of foreign direct investment (FDI) and it must be fought against. “I believe the Government is taking the necessary steps.”
Mr Murthy was scheduled to meet the Gujarat Chief Minister, Mr Narendra Modi, in Gandhinagar in connection with setting up the proposed Infosys campus in the State.
Earlier, as chief guest at the first convocation of Ahmedabad University, founded in 2009, he exhorted the students to rededicate themselves to the task of nation-building. The first batch of graduating students comprised 110 MBAs and eight BBA (Honours), who were conferred degrees and diplomas.