NR Narayana Murthy, the founder of Infosys, spoke in-depth on the vitality of implementing cutting-edge technologies, such as artificial intelligence (AI), in India, denoting that technology is a "great leveler."

Speaking at the centennial commemoration of the Indian Chamber of Commerce in Kolkata, Murthy mentioned that technology can help fill space between the wealthy and the underprivileged.

“Technology is about reducing cost. It’s about increasing revenues and profitability. So technology has a lot of value. It also does something that most people don’t realize”.

“Technology is a great leveller. So we need technology in India if we want to reduce the gap between the well-to-do and the not-so-well. That’s what financial inclusion has done,” he said.

"My personal view is there are areas where we cannot do without AI," Murthy said.

He believes that artificial intelligence (AI) has applications in fields including precision operations, illness detection, automated vehicles, and dangerous jobs where people could be in danger.

"I urge the youngsters to understand that we have a great responsibility to fulfil the pledge of our founding fathers (of the nation). We have greater responsibility as enunciated by scriptures”.

“We have to show fairness and justice to create opportunities for the less fortunate. That is why we have to work hard," he said.

Murthy stressed that to get respect for oneself and the nation, one must work hard and perform well.

Murthy also urged company leaders to adopt "compassionate capitalism," which is the practice of capitalism combined with the best elements of socialism and liberalism.