India Through the Eyes Top Biz Leaders

I Feel Sad About Indian Economy: Narayana Murthy

According to the report appeared in Times of India, the Infosys technologies founder N R Narayana Murthy said that he could see that India’s image had suffered internationally in the past 3-4 months and that between 2004 and 2011 the country had not introduced many reforms.

“There was a lot of confidence that India would indeed do whatever was necessary because the person who was the face of economic reforms in 1991 is our current Prime Minister” he said.

Murthy added that for the country to get a growth rate of 8-9%, it should build very heavy infrastructure and for that it needs an investment of $1-1.5 trillion.

"Such a large pool of capital cannot come from India alone. So we need participation from outside and, for the foreigners to come to India, we have to be seen as a proactive, investor friendly, and stable governance model. This is where the government should not send the kind of signals that that it has recently sent by introducing tax laws on a retrospective basis. It does not matter what the intentions are. Nobody can understand intentions; people can only read the laws and then act," he said.

Indian Economy Would Do Better Than Last Year's 6.5 Percent Growth: Manmohan Singh

Though several economists and research agencies have downgraded India's growth estimate due to erratic rains, high interest rates, stubborn inflation, sliding industrial growth and delay in implementing policies; Prime Minister Manmohan Singh shows optimism in the sixty fifth Indian independence day.

"The fundamentals of Indian economy are strong. Investments and savings are among the highest in the world. I am hopeful, we will do still better than 6.5% growth performance of last year," the P M stated.