Business – Titans of the business world: Narayana Murthy, Amit Burman & Adi Godrej

Yasmin Taj

From becoming one of the fastest developing economies to the hottest destination for doing business, India, today, stands tall and proud. But this growth has only been possible due to the immense hard work and vision of a few indefatigable titans of the business world. Meet three such luminaries who have changed the face of India inc.

Transforming the image of India

Narayana Murthy, non-executive chairman and chief mentor, Infosys Technologies Limited is a living legend and an epitome of the fact that honesty, transparency, and moral integrity are not at variance with business acumen.

Talking about how Infosys came into being, Murthy expresses, “Infosys was started in 1981 when I collected a group of six younger people who were working with me in Patni Computer Systems. The idea was to create India’s first company of the professional, for the professional and by the professional. We wanted to demonstrate that we could create a legal and ethical business in India. We wanted to serve the needs of the global clients for the development of large application software. That’s how we started out in 1981.”

It is a known fact that Infosys has the credit of transforming the image of India. Murthy points out, “Infosys was the first company to focus on creating a global brand for India. 95-98 per cent of our revenues were coming from outside. We said we have to create an image for India. And that’s how we went with the finest principles of corporate governance. We were the first company to introduce voluntarily, quarterly reporting of our research, which then later on became mandatory, thanks to SEBI. We got some of the finest independent directors; we got listed on NASDAQ.

We created the countries largest stock option plan. We created around 2,000 dollar-millionaires and 20,000 rupee-millionaires. We have been voted the most admired company and the most respected company in India. We have been voted the best in corporate governance in Asia, one of the best in the world. We created the concept of global delivery model and that has now become the standard for this industry. In many ways, we raised the image of India. We demonstrated that Indian business could be run legally and ethically. We demonstrated that it is possible to benchmark with the global best from India.”

Talking about the role Infosys has played in this transformation, Murthy further states, “I would say it’s fair to say that we have had a significant impact in creating a positive image of India. As ex prime minister Atal Bihari Vajpayee said that once upon a time, foreigners were coming to India looking at Taj Mahal and temples; they were not keen on Indian people settling down abroad. But today, they are asking for software engineers from India. So in some sense, Infosys has played a critical role in making this happen

So, how have things changed today from the time he had started? “I think for the first time, there is tremendous respect for business people due to Infosy.” He adds that there were quite a lot of challenges they faced initially.

“We faced lots of difficulties in the beginning because at that time, the country was a closed economy. It took 2-3 years and about 50 visits to Delhi to get a license to import a computer of 50,000 dollars. It would take ten days to get foreign exchange to travel abroad even for one day. It took 2-3 years to get a telephone connection. There were no better communication facilities at that time. But the economic reform of 1991 is what made all this progress possible,” he says.

Murthy concludes by saying, “It is extremely important to not only have a great idea, but also ensure that all the effort is put in to make sure that the idea is executed. Secondly, I think it is extremely important to do business legally and ethically. Thirdly, I would say it is very important to benchmark on a global scale and you have to succeed on a global scale. Future entrepreneurs have to follow the finest principles of corporate governance. They have to make sure that the value system is adhered to and they must live by the principle that the softest pillow is a clear conscience.”

Dabur: A 125 year old heritage

Dabur, with its 125 year old heritage, has been at the forefront of innovation to bring the age-old benefits of Ayurveda closer to the modern day consumer, in several modern, ready-to-use formats.

“From its humble beginnings in the by lanes of Calcutta way back in 1884, it has been a truly remarkable journey for Dabur. Very few Indian companies have survived the vagaries of time, fewer still have been able to withstand the onslaught of MNCs post-liberalisation; and probably no one has been able to adapt and transform itself as well as Dabur, during its 125-year-long existence,” states Amit Burman, vice chairman, Dabur India Ltd ., adding,

“Not only have we played a role in making Ayurveda contemporary, but also popularising it across the globe. In India, we have been at the forefront of innovation, launching new products and winning away market share from established multinationals in highly competitive categories like hair care, oral care, etc.”

So, how have things changed from the time this business was started? “Over the years, we have successfully transformed the company into a leading Indian consumer products company. A lot has changed since the time we started operations. Liberalisation has been one of the big changes that the industry saw in recent years. Dabur has been quick on its feet and has been constantly reinventing itself to remain contemporary in the minds of our consumers,” expresses Burman.

Burman further talks about the major challenges they faced during this entire journey and says, “The growing competition in the market, post-liberalisation, was one big challenge. We overcame this by constantly upgrading our product and packaging to make it more contemporary and in sync with the changing tastes of the consumer. In recent times, the inflation and its roller-coaster ride has been one big challenge that the industry has faced. Dabur overcame this by implementing a host of intelligent raw material sourcing and through hedging on commodity exchanges.”

Talking about their future plans, Burman avers that with Dabur, they plan to grow the scale of their business in both India and the overseas markets. “The only advice I would like to give people is that they should dare to dream and believe in their dreams. Only if you believe in your dreams can you work towards realising them,” he concludes.

Goodrej: A multi-faceted growth

The Godrej Group’s history goes back 112 years. “Our businesses are in consumer products, consumer durables, industrial products, agricultural products and property development. Most of our companies are private and only three are listed on the stock exchange. About 400 million Indians use one or the other of our products each day,” expresses Adi Godrej, chairman, Godrej Group , who did a Bachelors degree and a Masters degree in business from the Massachusetts Institute of Technology, USA and joined the Godrej Group in 1963.

Talking about how The Godrej Group has played a role in changing the face of India and its economy, Godrej expresses, “Our business was set up in pursuance of Swadeshi business ideals during the British rule. Our founders were supporters of the Indian Freedom Movement. Our growth has accelerated after the liberalisation of the economy in 1991.”

He further states that the major challenges they faced include discrimination during colonial days, heavy taxation and anti-business attitudes during the decades of socialism. “We have overcome these challenges through perseverance and innovation,” he explains.

Truly, these visionary entrepreneurs have transformed the image of India globally and have paved the way for India and its entrepreneurs to become the next big thing!