Nation needs to embrace compassionate capitalism, advocates Murthy

NEW DELHI: Infosys founder NR Narayana Murthy on Tuesday said the country needs to embrace “compassionate capitalism”.

Murthy, who was here to participate in the All India Management Association’s (AIMA) foundation day celebrations, said on the sidelines of the event that compassionate capitalism should be embraced universally.

Addressing a question on loss of human resources due to brain drain, he said it can only happen if leaders of the country ensure that Indian youngsters are not put to any inconvenience.

In return, India too should offer comfort to people about capitalism by ensuring that high growth and high earnings are provided to all, he said.

Touching upon the issue of layoffs, Murthy said it seems to have become a worldwide phenomenon as many firms are resorting to it.

Citing the example of the times in 2001 when Infosys faced a downturn, Murthy said that the senior management took the biggest salary cut, followed by the next level which took a slightly lower pay cut.

In such situations, youngsters are not at fault as it is the companies who fail to foresee the downturn. Downturns are part of the business cycle. It’s part of the existence of any corporation, he said.

He also said “I really feel very uncomfortable coming to Delhi, this is one city where indiscipline is the highest. Let me give you an example. I came yesterday from the Airport. At a red signal, there were so many cars, motorbikes and scooters, you know, violating the red light without a single care.

“If we can’t even wait a minute or two, just to move forward. Do you think those people will wait if there is money? Of course they won’t wait,” Murthy said.