Infosys founder N.R. Narayana Murthy has emphasized on the role played by competition and regulation, saying that both the mechanisms acted like an 'invisible hand' that worked towards betterment of the society.
Murthy was delivering a keynote address at the sixth annual day lecture on 'Creating a Better India - Musings on Economic Governance Ideas for India' organised by the Competition Commission of India
(CCI) on Wednesday.
He said that competition brings out the best in any company and leads to innovation, new ideas, services and products.
Advocating swift and fearless regulatory decisions, Murthy stated said trust and confidence in regulators are important to attract more entrepreneurs to start businesses.
The Infosys founder called for unanimity of conviction and integrity of belief among all political parties, saying that solution to the problem of poverty is through elimination of friction to businesses and entrepreneurs, and by creating more jobs. He said that translating this conviction by speedy action is essential to ensure the growth of the economy and the creation of better jobs.
He further said that the government should create an independent and meritocratic judiciary with up-to-date technology, and knowledge of modern, global judicial practices and judgements.
The Infosys founder also called for the introduction of transparent and stable taxation policy.
Murthy said that government should use tax money wisely and efficiently to make life better for the poor by investing in education, healthcare, nutrition and shelter.
Meanwhile, CCI's chairperson Ashok Chawla highlighted various achievements of the commission and mentioned the initiatives undertaken by it for the speedy and efficient disposal of
cases.
Chawla said that commission had launched a comprehensive e-governance project which would facilitate electronic filing of cases and Merger and Acquisition proposals.
