Narayana Murthy, Founder of Infosys said that India’s GDP growth can shrink by 5% in a virtual conference on Tuesday.
While talking about the consequences of the Coronavirus, Narayana Murthy stated that economy should be now brought back on track and mankind should learn to live with the crisis.
He came up with advice to government about developing a new system that should allow every player in every sector of the country’s economy to operate at full steam with suitable precautions.
On Tuesday, The billionaire businessman participated in a discussion on ‘Leading India’s Digital Revolution’ during the 16th edition of Institute of Engineering and Technology’s India Digital Conversations held virtually.
According to him, “India’s GDP is expected to shrink by at least 5%. There is a fear that we may even reach the lowest GDP (growth) since Independence, since 1947,”
“The global GDP has gone down. Global trade has shrunk, global travel has almost disappeared. The global GDP is likely to shrink between 5% and 10%”, he added.
According to him, in the absence of vaccine of coronavirus, we should learn to live on earth with the virus as we can not bring the economy to a halt. The lockdown that imposed in India in March has affected the economy.
“We cannot make the economy come to a halt. Over all, 140 million workers have been affected by this virus. So the smartness is in defining a new normal. This normal should allow our economy to grow while moving on the earth and fighting the virus,” the tech leader said.
He emphasised that India should upgrade it’s medical infrastructure so that once vaccine gets available, everyone can be vaccinated effectively.
His argument made sense, “even if we are able to vaccinate 10 million people a day, it is going to take 140 days to vaccinate all the Indians. That is a long period to prevent the spread of the disease,”
He called out the need to have a new normal. Murthy said, “This normal should allow our economy to grow while moving on the earth and fighting the virus,”