Investor Confidence At Historic High, Economic Environment Conductive To Growth: Infosys Co-Founder Narayana Murthy

Expressing optimism at the growth prospects of the country, Infosys co-founder N R Narayana Murthy has said that the economic environment is conductive to eliminating poverty and for social progress of the nation, PTI reports.

"For the first time in 300 years, we have an economic environment that engenders confidence that we can indeed overcome our poverty and create a better future for every Indian," Murthy told the students at the convocation function of Madan Mohan Malaviya University of Technology (MMMUT).

Speaking on the current economic outlook, Murthy said, "Our economy is growing at 6 to 7 per cent this year. India has become the software development centre of the world. Our foreign exchange reserve has crossed 400 billion dollar. Investor confidence is at a historic high."

"Portfolio investments from abroad and foreign direct investment into India are growing faster than ever. Our entrepreneurs are receiving huge funding from venture capitalists. Our stock exchanges are doing pretty well. According to the Forbes magazine, the number of billionaires in India is increasing," he added.

However, Murthy also advised the government to not give into populism saying that expertise needs to be valued over such populist measure for long-term progress and eradication of poverty from the country.