"India needs more business leaders from the Parsi community emulating Mr Ratan Tata and Dr Cyrus Poonawalla, if it wants to emerge as the fastest growing economy in these adversarial global conditions," said Mr Arun Jaitley, Union Finance Minister.

He was speaking at the concluding ceremony of the three-day Iranshah Udvada Utsav. The first ever 'Iranshah Udvada Utsav', a global congregation of the Parsi community was held from December 25-27, 2015 in Udvada, Gujarat.

Mr Jaitley further said, "The most remarkable aspect of the community is the desire to strive for excellence and achieve it in an ethical way."

He also said that the credit of throwing up role model leadership squarely belonged to the community. He mentioned former Solicitor General of India Mr Soli Sorabjee as his ethical guru for his sense of fairness and ethics.

Mr Jaitley felicitated Mr Ratan Tata, chairman of Tata Group and Dr Cyrus Poonawalla, chairman of the Serum Institute of India (SII), at the ceremony.

SII was founded in 1966 by Dr Poonawalla with the aim of manufacturing life-saving immuno-biologicals, which were in shortage in the country and imported at high prices. It is now the world's largest vaccine manufacturer by number of doses produced and sold globally (more than 1.3 billion doses) which includes Polio vaccine as well as Diphtheria, Tetanus, Pertussis, Hib, BCG, r-Hepatitis B, Measles, Mumps and Rubella vaccines.