IT must do better to fill nation’s CAD hole: N R Narayana Murthy
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Bengaluru: As a major contributor to exports, the IT industry has great responsibility to perform better in view of the huge Current Account Deficit facing India, Infosys chairman N R Narayana Murthy said on the sidelines of the company’s Extraordinary General Meeting on Saturday.
“I'm happy that all IT companies have done reasonably well and hope they will continue this trend, because we in India have a huge problem of Current Account Deficit.
Our imports are far more than our exports, therefore companies in this industry, which accounts for almost 25 per cent of our exports, will have even greater responsibility to perform better and better,” Murthy said.
Earlier at the EGM, Infosys shareholders ratified Mr. Murthy’s appointment as a whole-time Director of the board, and Executive Chairman, for five years.
Reacting to his appointment, Mr. Murthy said: “I'm very grateful to the shareholders for their kindness. I realise that this kindness comes with a deep sense of responsibility; I hope I will be able to discharge my obligations to the expectations of the shareholders.”
The resolution to appoint Mr. Murthy, with a salary of Rs 1 per annum, faced a dissent of one vote. A few shareholders sought clarity on Mr. Murthy's remuneration of Re 1 and its division in terms of provident fund, leave and gratuity.
Responding to the query, Infosys board member V. Balakrishnan said: “PF, gratuity are on the base salary of Rs 1 per year, leave is as per the company policy and all other benefits are also according to the company policy; we will try and include details in the explanatory statement next time.”
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