Bangalore, In a thought-provoking address at the 26th Bengaluru Tech Summit 2023, NR Narayana Murthy, the venerable founder of Infosys, delivered a nuanced perspective on government freebies and subsidies, challenging the prevalent notion that something valuable should come for free. Advocating for a paradigm shift, Murthy proposed a reciprocal relationship between the beneficiaries of government services and the broader societal framework.
“Nothing should be given free,” declared Murthy, emphasizing that those availing government services and subsidies should be encouraged to contribute back to society. The IT stalwart envisioned a scenario where individuals, in return for receiving benefits, actively participate in initiatives that uplift the community.
To illustrate his point, Murthy presented a hypothetical scenario: “For example, if you say — I will give you free electricity, then it would have been a very nice thing for the government to have said, but we want to see the percentage attendance in primary schools and middle schools go up by 20 percent, then only we will give you that.” This proposition aligns with the idea of reciprocal responsibility.
However, Murthy was quick to clarify that he is not against providing free services, acknowledging his own humble background. His contention was rooted in the belief that recipients of subsidies should shoulder a greater responsibility for the education and well-being of future generations.
The discussion took a turn toward the broader economic landscape, with Murthy staunchly supporting capitalism as the linchpin for India’s journey from a developing nation to a prosperous one. He underscored that compassionate capitalism, as opposed to socialism or communism, is the catalyst for progress.
“In order to create efficient, corruption-free, and effective public goods in our country, the taxation will have to be obviously higher than what you see in developed countries,” asserted Murthy. He expressed his willingness to pay higher taxes, emphasizing the need for elevated taxation in developing countries to ensure the creation of robust public infrastructure.
Acknowledging India’s current economic standing, Murthy highlighted that the per capita GDP of USD 2,300 places India ahead of “low-income countries” but still a considerable distance from being classified as a “middle-income country.”
The founder of Infosys concluded his address by elucidating his transformation from a strong leftist to a “determined compassionate capitalist.” He firmly believes that compassionate capitalism is the beacon guiding India towards prosperity, and this nuanced perspective challenges conventional economic ideologies.
*Published By: [Newspaper Name], November 30, 2023*
