India Inc has learnt to take risks and compete with global players to create wealth, industry experts said on Monday.

"You need the intense desire to succeed. To create wealth, you need to take risks. In PSUs, tolerance of failure was unthinkable a few years ago. But today, even PSUs are taking risks," Subir Raha, chairman, Oil and Natural Gas Corp said at the Ernst & Young-CNBC round table meeting in New Delhi.

Asserting that PSUs are now more aggressive, he said, "If you begin with fear of failure, you won't go further...You learn from your mistakes and go on."

Infosys chief mentor N R Narayana Murthy said, "There is a change in the mindset of entrepreneurs. The focus is now on market and competition with the best global players."

"Idea is what matters now. Earlier, financial strength was a prerequisite to start a business," he said, adding companies are now focused on attracting the best investors and creating wealth, he said.

Murthy also said besides attracting venture capitalists, companies should also focus on attracting the best human resources available to turn themselves competitive.

"Now the focus is on competing with the best. That is why we need to attract the best talent to fight MNCs," he said.

Bharti group chairman Sunil Mittal stressed on the importance of choosing the right business for the success of a company.