"Though India has made rapid strides in the software sector, it lags in the hardware sector," he added.
"Though India had the potential to lead the world, it had lost this precious opportunity in the past following erroneous policies pursued by successive governments at the Centre at that time," Murthy said.

"As far as production of hardware is concerned, China is billed as the factory of the world. India too possessed a similar potential. However, policies by the central government between 1975 and 1991 put India on the back burner," he noted.

"Despite this, India rules the software sector all over the world, which has given it a unique confidence and edge," he said, attributing it to the 24X7 work model, as a result of which it has become 'the largest job provider'.

He said India should adopt a multi-culture system and recruit people from all over the world to make further progress in this direction. Painting a grim picture of engineering education in the country, Infosys co founder said colleges are churning out only 25 per cent quality engineers.

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