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How Infosys is helping fight poverty in India

How Infosys is helping fight poverty in India

World Bank president Jim Yong Kim on Wednesday described Infosys as a company that is helping India out of poverty.

"If you are passionate about technology... what I would say is to build a company like Infosys, employ a lot of people... lift people out of poverty that way," Mr Kim told NDTV's Vikram Chandra in his maiden visit to India after taking over as the World Bank president. (Watch: Vikram Chandra interviewing Jim Yong Kim)

With over 1.5 lakh employees, Infosys is among India's top employers.

According to the World Development Report 2013 published last fall, 90 per cent of all jobs in developing countries came from the private sector.

Mr Kim said it is important for the Indian youth to look out to the world and identify the things that are the most exciting, transformational and inspiring, and make them work in this country. (Read: Highlights of the interview)

India's second biggest outsourcer of IT services is not new to compliments. Set up in 1981 by N.R. Narayana Murthy and six other engineers in Pune with an initial capital of $250 -- mostly borrowed from their spouses - Infosys is now a $7 billion market capitalization company. It is an inspiration and a case study to many.

It was the first Indian company to list on the Nasdaq, raising the profile of the Indian outsourcing industry in the United States.

For long, it has symbolized India's rise as an outsourcing powerhouse -- it may not be only one, but it is definitely the most charismatic. Even a string of bad results and law suits have not managed to take the shine off the company. At its Bangalore headquarters, throngs of young IT workers aspire to rise through the ranks and get a chance to take onshore assignments.

India needs to have economic growth in the private sector to eradicate poverty because the creation of jobs is what eliminates poverty, the World Bank president said.

India's sprawling IT industry today caters to a majority of engineering graduates.

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