BANGALORE - Infosys Technologies Ltd chairman and chief mentor N.R. Narayana Murthy Saturday hoped the union budget for 2009-10 would focus on inclusive growth, which he termed as “the need of the country”.

I don’t have any specific expectation for the IT sector from the budget. But I hope the government will try to bring in an inclusive growth, as it is the need of the country to make sure the poorer people will also benefit from the economic progress, Murthy told reporters here.

Elaborating on his budget wishes, Murthy said the government should have better focus on healthcare, education, shelter and nutrition for the betterment of the needy.

We are very happy there is a stable government and that is good thing to the country. I am sure this stable government will do quite a lot for the country because it is free to implement its policies, he said on the margins of the IT bellwether’s 28th annual general meeting (AGM).

Expressing relief over the outcome of the recent general elections, Murthy said a two-party system was a stable model, as evident from such a system in the US, Britain and many other countries.

By and large, two-party system is a stable model. It is an evolved system, he pointed out.

Commenting on the severe financial crisis that had led to a global recession of a magnitude never anticipated by critics of the free market system, Murthy said compassionate capitalism had proved to be the only viable system because communism had failed and socialism had not worked as well as everyone wanted.

Though I don’t believe the free market system has failed, as critics have pointed out in light of the global meltdown and financial crisis, I do admit there are negatives in all systems. But I think, by and large, compassionate capitalism has proved to be the only viable system, Murthy noted.