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'Indian companies have a responsibility to create jobs for Americans, too'
Infosys co-founder N R Narayana Murthy on Tuesday criticised Indian software companies for not acting as global corporations in their hiring practices abroad.
"Indian companies behave like agents for their employees. They guarantee visas, they guarantee green cards. They are immigration agents," Murthy said. He questioned their inability to recruit citizens or permanent residents for work being handled at client locations in the US or other foreign countries.
Murthy was participating in an interactive session at the Indian School of Business. He also received ISB's first honourary distinguished fellow award on the occasion. The industry veteran did not spare Infosys and pointed out a visa-independent delivery model he had introduced as its chief executive officer in 2011 had not been pursued after his exit in 2014.
In response to a question about the impact on the Indian outsourcing industry if Donald Trump wins the US presidential elections, Murthy said Indian companies have a responsibility to create jobs for Americans, too. Indian infotech companies work 20-25 per cent at client locations and 70-75 per cent in India.
According to Nasscom, India has 55 per cent market share of the global outsourcing business and employs 3.5 million professionals. The US is the largest market for Indian infotech companies.
Murthy wanted 95 per cent of Infosys' work to be handled out of India and five per cent work at client locations using local workers.
"American youngsters are as important to the welfare of the globe as Indian youngsters. We have a responsibility to create jobs for them too. That is what a true global corporation should be doing," he said.
During the session Murthy responded to a variety of questions, besides elaborating on his idea of compassionate capitalism.
He said self-restraint of the rich was the only way to stability in society, "in contrast to what the Panama Papers have revealed".