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India is far from becoming the world's manufacturing hub; NR Narayana Murthy
Industry News- Jul 27,24
Large Language Models (LLMs) and generative AI will not eliminate all jobs says the Infosys co-founder.
India is far from becoming the world's manufacturing hub, stated NR Narayana Murthy, Co-founder Infosys. Speaking at the ‘ELCIA Tech Summit 2024’, Murthy emphasised that substantial improvements in public governance are essential for India to achieve such a status.
“These terms like ‘hub’ and ‘global leader’ are big words that we shouldn’t use lightly. China is already the factory of the world, with around 90% of items in supermarkets and home depots in other countries being manufactured there. China’s GDP is six times that of India. It’s too audacious to claim that India will become the manufacturing hub,” Murthy said.
Explaining the challenges, Murthy highlighted the differing dependencies between the IT and manufacturing sectors. “In IT, success primarily hinges on exports, and we hardly depend on India. Conversely, manufacturing relies heavily on domestic contributions, and the government's role is crucial. Unfortunately, India's public governance still needs improvements in response time, transparency, accountability, speed, and excellence. Growth in manufacturing requires a reduction in government-industry interactions,” he explained.
Murthy also stressed the importance of market assessment for entrepreneurs. “Entrepreneurs must learn to assess the market and estimate the potential size they can capture. They need to develop simple mathematical models to leverage higher value compared to other ideas in the market. This knowledge and talent are mandatory for success,” he added.
Addressing long-term concerns over AI, Murthy expressed confidence that Large Language Models (LLMs) and generative AI will not eliminate all jobs. “AI will not replace designers and individuals implementing large-scale application systems due to their complexity. There will need to be extensive data dictionaries, data programs, and interconnectivity. The creativity and power of the human mind are superior to these systems,” he said.
(Source: TNIE)
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