By Pooja Sharma & Prakash Nayak
Narayana Murthy is a renowned Indian entrepreneur and the founder of Infosys, a multinational IT company. He is considered to be one of the pioneers of the Indian IT industry and has made significant contributions to its growth and development.
Early Life and Education:
Narayana Murthy was born in Mysore, India, on August 20, 1946, into a middle-class family. He completed his Bachelor’s degree in Electrical Engineering from the University of Mysore and went on to pursue his Master’s degree in Technology from the Indian Institute of Technology, Kanpur. After completing his education, he worked for a brief period in India before moving to the United States in 1974 to pursue his career in the IT industry.
Career:
In the United States, Narayana Murthy worked for several companies, including SESA, Patni Computer Systems, and ICIM. In 1981, he returned to India and founded Infosys with six other co-founders. The company initially started as a small IT consulting firm with a capital of just $250. Today, Infosys is a multinational corporation with a market capitalization of over $100 billion.
Narayana Murthy played a crucial role in transforming the Indian IT industry by introducing new concepts and best practices. He emphasized the importance of high-quality software development, transparency, and corporate governance, which were relatively unheard of in the Indian business world at the time. He also introduced the concept of employee stock options, which helped to attract and retain talented employees.
Under Narayana Murthy’s leadership, Infosys became one of the leading IT companies in the world, with operations in more than 50 countries. The company’s success also helped to put India on the global IT map, and it paved the way for the growth of the Indian IT industry.
Awards and Recognition:
Narayana Murthy has received numerous awards and recognition for his contributions to the IT industry and society as a whole. He was awarded the Padma Shri in 1991 and the Padma Vibhushan in 2008, two of India’s highest civilian honors. He was also named by Time magazine as one of the “Asian Heroes” in 2003 and was ranked as one of the world’s most influential people by Time magazine in 2012.
Philanthropy:
Apart from his contributions to the IT industry, Narayana Murthy is also known for his philanthropic work. He has established the Infosys Foundation, a non-profit organization that focuses on education, healthcare, and rural development. The foundation has implemented several projects across India, including building schools and hospitals, providing healthcare services, and promoting rural development.
Narayana Murthy is an inspiration to millions of people around the world. His entrepreneurial journey and contributions to the IT industry have helped to transform India’s economy and put it on the global map. He is not just a successful entrepreneur but also a role model for aspiring entrepreneurs and a philanthropist who has made significant contributions to society.
Infosys reported a sharp sequential revenue decline of 3.2 per cent due to aggressive cuts to discretionary programs and a general slowdown in tech spending on account of macro pressure and uncertainty and a one-time revenue impact of 1 per cent from project cancellations.
It appears that Infosys Ltd’s shares have slumped due to a combination of factors, including a dismal revenue outlook caused by banking turmoil in major markets like the United States and Europe. This situation is not unique to Infosys, as the entire sector that earns over 25% of its revenue from the US and European banking, financial, services, and insurance sectors is also affected.
Furthermore, the collapse of two mid-sized US lenders in March has left the financial ecosystem shaken, which has led to an extraordinary government effort to reassure depositors and backstop the system. This situation has likely added to the already existing worries about the sector’s outlook and may have contributed to the slump in Infosys’s shares.
It’s worth noting that Infosys’s slump is not an isolated incident, as other companies in the sector are also facing similar challenges. However, how Infosys responds to these challenges and the steps it takes to address the concerns will determine its future performance in the market.