"The first lesson that India should learn is to face the facts. Do not go by declarations but go by the facts. The second cardinal principle that the country should learn is to change. You must change in tune with time. Incessant and incredible steps to change are required," he said.
The third norm to spur growth is to focus on all sectors and it is no longer enough for India to be excellent in one or a few sectors. India being a large country should excel in sectors across the board, he said, delivering the 13th commemorative lecture organised by FedBank Hormis Foundation.
The next was that incremental steps to change were no longer enough. "What is needed is a tectonic shift in approaches," he said.
He said the country should be able to own up facts rather than shy away from them. Also the fact was that today's is a 'heartless world' which leaves no room for second rates but a country like India's size should be first rate in all spheres.
"The country must muster enough courage to shed shibboleths and old habits. Also building partnerships across the spectrum of society is an important step towards success. Giving more powers to states by devolving it from the centre is also important."
Federal Bank Chairman Abraham Koshi, Bank's MD and CEO Shyam Srinivasan, ED Abraham Chacko, FBOA General Secretary Paul Mundadan and Raju Hormis, CSR Head, Federal Bank also spoke on the occasion.