Infosys executive chairman NR Narayana Murthy gets Global Indian Award

Reminding the MNCs that businesses could not succeed in 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 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.

Referring to Indo-Canadian trade relations, Verma said 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 Canada's energy sector.