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India had ‘stagnated’ during the UPA era: Narayan Murthy

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India had ‘stagnated’ during the UPA era: Narayan Murthy

Ahmedabad, Sep 23 (PTI) Information technology company Infosys co-founder NR Narayana Murthy on Friday said economic activities in India had “stagnated” during the Congress-led UPA government, when Manmohan Singh was the prime minister. Decisions were not being taken.

During an interaction with young entrepreneurs and students at the Indian Institute of Management – Ahmedabad (IIM-A), Murthy expressed confidence that young minds can make India a worthy competitor to China.

In response to a question, he said, “I was on the board of HSBC in London (between 2008 and 2012). In the first few years, when China was mentioned two to three times in the boardroom (during the meetings), India’s name used to come up only once.

Murthy added, “But unfortunately, I don’t know what happened later (to India). (Former PM) Manmohan Singh was an extraordinary man and I have great respect for him. But India had come to a standstill during the UPA era. Decisions were not being taken.

When he left HSBC (in 2012), India was rarely named during meetings, while China was named about 30 times.

Murthy said that today there is a sense of respect for India in the world and the country has now become the fifth largest economy in the world.

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