The award's citation said Murthy was an icon for the new generation of Indian entrepreneurs.The eminent jury, was headed by Bajaj Auto Chairman Rahul Bajaj.

Bharatiya Janata Party general secretary and former Union Minister Arun Jaitley presented the award to Murthy.

Murthy will now represent India at the Ernst & Young's World Entrepreneur of the Year award ceremony in Monte Carlo, Monaco, in June 2003. He also represented the nation at E&Y’s World Entrepreneur of the Year International Conference in Palm Springs, California, in November 2002.