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'99 per cent of Indians who go to the US for their advanced studies they stay back there, which is a huge loss for India,' Murthy said.
IT czar N R Narayana Murthy on Friday said the country needs to 'discover and invent locally' to help the Centre's ambitious "Make in India" scheme become successful.
Murthy said "for Modi government's flagship programme to succeed, the country has to invent and discover locally".
Addressing the Indo-American Chamber of Commerce (IACC) Conclave on the theme 'Vision 2020', he said that a strong collaboration between the US and Indian academia is needed, which will also lay a strong foundation for India's solid growth in the long term.
Describing the partnership as "an important area", Murthy said the "unusual" partnership in higher education and research would benefit India enormously in medium to long term and the US academia in medium term.
"I am confident that it will create a stronger bond of friendship between India and the US for a long period in the future and it will make India a strong nation," he said.
The conclave was inaugurated by Karnataka Chief Minister Siddaramaiah, and the agenda was to evolve a vision for taking Indo-US Trade to $500 billion by 2020.
Murthy said this strategy of India will make it a leader in high-tech products and services in the world and enhance the prosperity of our people through increased exports and domestic use of such products.
Recalling similar view expressed by Nobel laureate David J Gross during the 103rd Indian Science Congress at Mysuru early this month, he advocated for Indian Universities working with US universities.
"The exchange of faculty and students between our universities and universities in the US will have to be increased at least hundred-fold. We will have to issue ten year multiple entry visas every year to hundreds and thousands of academicians from the US," he said.
Suggesting similar such measures to enhance ties between universities in both counties, Murthy said, "The leaders of the two countries will have to work out a landmark agreement to send ten thousand students - at least thousand students in ten areas every year to do their PHD in important areas in the US for the next fifty years."
Murthy further said that "we have to work out an agreement with the US that these students whom we send from India will not be given employment in the US once they finish their PHDs and they will have to come back to India and serve here at least ten years".
The data shows that 99 per cent of Indians who go to the US for their advanced studies they stay back there, which is a huge loss for India, Murthy said.
He also noted that the onus is on us to provide those returning back to India after advanced studies with decent employment, and make it easy for them as well as their families to lead a comfortable life here.
Murthy said, "The US will also benefit from this arrangement since there will be a large number of Indian students working on problems that will add value to US academicians."
Stating that India has to start collaborating with the US in unusual areas to build a new bond of friendship, Murthy also stressed on the importance of developing discipline, hard work, high aspiration and honesty among young generation.
Pointing out that former Prime Minister Manmohan Singh wanted to open India to foreign universities, he said "for some reasons we have not made progress, I'm sure they know much better than I would know, but I think it is very important that we have to immediately take steps in this area if we indeed want our grand children and their children to be in India which is economically strong".
Murthy said the US has a special place in his heart as it has played an important role in growth of Infosys and also as both his children received higher education there.
Sharing details of bilateral trade between both the countries, he said there are opportunities that exist in both the countries.
"It is important to look at how there is a balance of trade and how both countries can become winners in this endeavour," he added.
Advising that we have to look at areas where we can complement China, Murthy said China has become factory of the world and it's not going to be easy for any country to take market share away from that country.
He also said India has got a huge task of building its infrastructure for which a huge foreign direct investment and a long term portfolio investment is needed.
"There is need of at least a trillion dollars for us to invest in this area either through domestic or foreign investment," Murthy added.