Narayana Murthy wants new government to follow this: 'Compassionate capitalism can…'

Narayana Murthy said that he wants the new government to embrace compassionate capitalism.

IT industry veterans N R Narayana Murthy and Kris Gopalakrishnan said that they hope the upcoming government gives honest entrepreneurs free play and remove any hurdles in accelerating wealth creation for the country. The Infosys founder told the Economic Times that he wants the new government to embrace compassionate capitalism as "neither socialist nor communist systems led to a satisfactory outcome in the past".

Narayana Murthy, Founder, Infosys, in Bengaluru.(PTI)

He also said that room should be given to 99% of honest entrepreneurs to move fast and create lots of jobs in the country while those who flout rules should be punished. Both the veterans also supported increase in funding for research and higher academic institutes in the country by both the private and public sector.

Kris Gopalakrishnan told ET, "We also need to increase our funding for research, both from private and public....more is needed. Look at US universities -- MIT, Harvard, Stanford, etc -- they get endowments worth billions of dollars, so I hope that our alumni will contribute more to our institutions."

"Today our institutions are primarily dependent on government funding....I want to see more industry participation also," he added.

Narayana Murthy agreed with him and said that there is a need to change some things in academic institutions while a lot of innovation is already taking place in the corporate world. He said, "If a young entrepreneur gives some shares, we don't have to assume that all of them will fail. So once the government starts looking at these innovative ideas that prevail in the industry, things will happen."

He also said, “Once the company achieves certain growth they (institutions which were given shares) will get a dividend, which will itself be very significant and they will keep multiplying value. So, even educational institutions will have to look at what our future will be 20 or 50 years from now.”