Renowned IT industry veterans Narayana Murthy and Kris Gopalakrishnan have called upon the incoming government to adopt a policy of "compassionate capitalism" to foster economic growth and innovation.
In a recent interview with ET, Murthy emphasized the importance of empowering honest entrepreneurs and removing bureaucratic hurdles to accelerate wealth creation for the nation.
"We must embrace compassionate capitalism," Murthy said by highlighting the limitations of both socialist and communist systems in delivering satisfactory outcomes in the past.
He stressed the need for a conducive environment where the vast majority of law-abiding entrepreneurs can thrive while advocating stringent penalties for those who violate regulations.
Murthy highlighted the significance of increasing funding for research and higher academic institutes, urging both the private and public sectors to play a proactive role in this endeavor.
He called for innovative ideas to modernize outdated systems and facilitate the growth of various sectors.
Gopalakrishnan reiterated Murthy's sentiments, emphasizing the necessity of boosting research funding from both private and public sources.
Drawing parallels with prestigious US universities like MIT and Harvard, Gopalakrishnan highlighted the need for greater industry participation and alumni contributions to support educational institutions.
"We need to modernize our approach and encourage innovations not only in the corporate world but also in academic institutions," Murthy said.
He proposed allowing entrepreneurs to donate shares to academic and research institutions as a means of long-term partnerships and mutual growth.
Gopalakrishnan further stressed upon the potential benefits of holding equity for premier institutes, noting its significant multiplier effect over time.
