N R Narayana Murthy presented 'Global Indian Award' in Canada

, April 27: Infosys Executive Chairman N R

was on Sunday presented with the 2014 "

India Foundation Chanchalani Global Indian Award" here for his remarkable vision and leadership in the IT sector.

The award, which carries a trophy and a cash prize worth USD 50,000, was presented to Murthy by Canadian Finance Minister Joe Oliver at the Canada India Foundation (CIF) annual award gala dinner.

Among the dignitaries present on the occasion were Canadian Immigration Minister Chris Alexander, Canadian Sports Minister Bal Gosal, High Commissioner of India in Canada Nirmal Verma, Chairman of the Canada India Foundation and ministers Lakshmanan, Members of Parliament from Federal and Ontario governments and top executives of Canadian Companies.

Murthy was awarded for his remarkable vision and leadership in IT sector

Governor General David Johnston, Prime Minister Stephen Harper, Ontario Premier Kathleen Wynne and Co-Chair of the Canada-India Parliamentary Friendship Group Patric Brown lauded Murthy for his outstanding contributions in the field of business.

Stressing on the need for "compassionate capitalism", Murthy said, "Capitalism today seems increasingly dysfunctional and alienating. Even for the vast majority in the developed world, it seems to fundamentally conflict with humanity's non-economic values."

"We (the MNCs) have not made significant progress in enhancing social capital in the world—trust, concern for the less fortunate, honesty and fairness. We have the responsibility to repair this situation," he said. Murthy stressed that there was a need to build a world where more and more wealth is created while human dignity is enhanced.

He said the need of the hour is to practice compassionate capitalism, bringing the power of capitalism to the benefit of the larger masses. Reminding the MNCs that businesses could not succeed in the societies that fail, Murthy said, "There is an urgent need to create companies which want to make a difference to the context through society-oriented and charitable activities." Inviting Canadian investments in India, Indian High Commissioner Verma said if the Canadian companies want to succeed in India, they must have 4Ps, namely - patience, perseverance, price and presence.

Verma stressed that companies need to devise India- specific business models. This could be aided by utilising the cost effective production chain that India has to offer. Companies need to localise supply chains in India to beat down cost of production, he said. Verma said India has an abundance of technical talent that is available at a fraction of the cost for a professional with a similar profile abroad and that helps cut down production costs substantially.

Many entrepreneurs have found it most beneficial to engage the services of a capable Indian partner who has a good understanding of the business environment in the country, Verma said. Referring to Indo-Canada Trade Relations, Verma said the civil nuclear cooperation between the two countries has operationalised with the first shipments of Canadian oil being recently delivered to Indian refinery and the first investment being made by an Indian company in the Canada's energy sector.

Commending contributions made by Canada India Foundation in promoting bilateral trade, Verma said that during Stephen Harper's visit to India in 2012 both the Prime Ministers had identified the thrust areas to further strengthen economic ties. Since then, significant progress has been made in boosting bilateral trade and investment, he said.

PTI