Raghuram Rajan Deserves Two More Terms as RBI Governor, says Narayana Murthy

BENGALURU: Will Raghuram Rajan be given a second term as RBI Governor? –A debate, which has been raging across television channels all over the country. Now, giving his view on the issue is Narayana Murthy, Co-Founder of Infosys. In an interview to Economic Times, Murthy batted in support for the RBI Governor declaring that Rajan is an asset to the country. Murthy suggested that Rajan should be given two terms instead of one as the changes are visible in the economy due to the reforms he brought-in.

In addition, he complimented the central government for being proactive and appreciated the cohesion between the ministers and bureaucrats. While expressing his delight in the rapid growth of the economy, Murthy pointed out that the growth should be viewed in terms of the country’s GDP. “If we grew at 7.6 percent, we will be adding only approximately 150 billion US dollars to our GDP. China with its 10 trillion US dollars (GDP), even if they grew at about 6.5 percent, would have added 650 billion US dollars to their GDP. The US at 16 trillion US dollars, even if they grew at about 3 percent, they would have added about 480-500 billion US dollars,” noted Murthy.

Furthermore, he emphasized the fact that the current economic situations are highly suitable for startups and budding entrepreneurs, compared to twenty years ago. However, Murthy raised his concerns over the talent pool in the country. According to Murthy, talent acquisition is very challenging as the demand cannot meet the supply. Murthy remained optimistic when asked whether a company as big as Infosys will ever come up again. “They could. Today, the primary limitation is the quality of the idea. I would not rule out today's entrepreneurs creating companies much bigger than Infosys,” he replied.

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