Best to leave business of business to private sector: Murthy

The country would see more economic progress if the private sector was left to run business without government interference, Infosys founder N R Narayana Murthy has said at the Jaipur Literature Festival.
"Any good government has to have a good regulatory agency but it is best if business of business is left to private sector. Rules much be such that 90 per cent of people can conduct their businesses swiftly and without interference from the government. Time has come when PSUs may not have a role and it can be done without a framework of good regulatory agency," he said.

Murthy was in conversation with journalist Rahul Jacob in a session titled "India's Turn: Catalyzing Economic Transformation".
The 68-year-old IT czar shared with the audience how he always wanted his company to set examples of corporate governance.
"When we founded Infosys, we realised that there was abundance of technology and labour in the country but still many of our engineers from IITs did not get a job...I thought we will create a company which will do so with fairness, transparency and accountability. We will benchmark ourselves as best company in the world in terms of corporate governance," he said.
Murthy, said he believed in creating a place where hierarchy had little to do with proposal of ideas and implementation.

"For example every decision I took as CEO, I ensured people involved in decision making were below 30 because I had of corporate life of 15 years.. .They will have for 25 years when they become future leaders and they should know how to conduct themselves," he said.