Bangalore, Sep 1 () : Infosys chairman emeritus, Narayana Murthy told ET NOW that the economic situation in India is worse than the 1991 recession. The channel is subsidiary of Times group.
Narayana Murthy said that global expectation of India’s economic progress is very low now while it was very high sometime back. Now it is different and India has fallen very short. He felt that the situation is worse than 1991.
Murthy said that in his interaction with many CEOs of global companies, he found that none of them were talking about India. The situation was different where CEOs outside India mentioned China every three times while India was mentioned only once. Now China is mentioned 30 times, India is not even mentioned once, he added.
The sad state of biz community is facing Government indifference which has brought decision-making to an unnecessary standstill and he believes within the ambit of current legislation, a lot of decisions can be taken.
Explaining the various issues that impact the IT industry – he pointed out one issue that some Income Tax officials do not recognise a statement of work, and insist on a new master agreement for every project. This practice is not followed anywhere in the world and Murthy has been arguing with the I-T Department on this.
Murthy said he had written to the prime minister and to then finance minister Pranab Mukherjee on such issues fourteen months back and nothing has been done. The issues are not in the realm of legislation nor about ideology and politics. If a senior bureaucrat decides to adopt global standards, it can be done in a few hours.
He said the issue (coal gate) which is currently being used to disrupt the functioning of Parliament is a matter for the court. The MPs should leave it to the court to decide who is right and who is wrong. They should not pre-judge and get on with the business in Parliament. Murthy asked how one will say I will change the law, when the Supreme Court has ruled on a certain case. His advise to PM is to encourage his bureaucrats, his ministers and to take quick decisions.