Narayana Murthy: 4 steps India needs to take to become $10 trillion economy

Cultural transformation:

Murthy said that no economic transformation can take place without being preceded by a cultural transformation.

He listed hard work, discipline, courtesy, honesty, trust, and putting the interest of the common man ahead of private interests as the values that needed to be prioritised.

Murthy also said that this cultural transformation can take place by leading by example, and that leaders in all fields, from politics, the corporate world, civil society, bureaucracy, and even academia have to take charge.

Increasing exports’ contribution to GDP:

Murthy said that India has to enhance the contribution of its exports to the GDP. He said that although India’s GDP contribution currently averages at around 13 percent of its GDP, no country has managed to show aggressive, sustainable growth without the contribution of exports being 25 to 30 percent of its GDP.

Quality of education:

Despite a larger number of students completing their higher education, Murthy said that India has to focus on the quality of its education, as he believed it to be one of the poorest in the world.

Reducing the friction to business:

According to Murthy, though the restrictions on businesses have significantly reduced, there continues to be a lot of friction such as the imposition of the angel tax. He said that job creation is only possible through entrepreneurs, who must be "revered."