Murthy believes India has the potential to compete with China, its South Asian rival, despite the current economic slowdown in the West and China’s growing technological dominance. However, to achieve this, India must prioritize creating an enabling business environment for entrepreneurs and focus on increasing the disposable income of its citizens, Murthy said in a recent interview with ET.
Escalate
Murthy stressed the importance of creating millions of job opportunities annually, accompanied by significant disposable income. He believes this is key to stimulating consumer spending in the secondary and tertiary sectors, which will in turn lead to further job creation.
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“It will also create modern jobs. I am convinced that if we provide a hassle-free environment for entrepreneurs in a democracy, if we can create policies that will make their progress faster and easier. I think this is the only way we can move forward to catch up with China and maybe even overtake it. There are no other methods,” Murthy was quoted as saying.
Meanwhile, Murthy is also sanguine about the potential of generative AI to revolutionize human productivity. As a long-time supporter of technology, Murthy believes that Generation Artificial Intelligence, like previous technological developments, will ultimately benefit society by increasing efficiency and enabling people to solve complicated challenges.
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Murthy believes that generative artificial intelligence, like any other technology, will lend a hand augment human productivity. He says generational AI, when used responsibly, can augment productivity, facilitate problem solving and drive economic growth.
While Murthy acknowledges the legitimate concerns about potential misuse and job displacement associated with generational AI, he maintains that in most cases the benefits outweigh the risks.
