New Delhi, July 15 (IANS) Noting excellence was being increasingly achieved at an early age, Finance Minister Arun Jaitley on Friday said the era of grey eminence was gradually coming to an end.

"These days people achieve success in their 30s, and reach climax of excellence by 40s. No longer the best lawyer is the one who has spent 50 years in courts," Jaitley said at the Lakshmipat Singhania-IIM Lucknow National Leadership Awards.

"Increasingly people are acquiring excellence at young age and the era of grey eminence is gradually coming to an end," he said.

"It is imperative for aspirational societies to recognize talents which act as role models," Jaitley added.

The finance minister also said that it is the liberalised society which allows people to take more initiatives in every field.

"A liberalised world allows far more initiatives. If you compare pre-1991 era, post-1991 era will demonstrate a society with better quality role models," he said.

The National Leadership Awards, instituted by multi billion dollar Indian conglomerate JK Organisation and Indian Institute of Management (IIM) Lucknow, was awarded to exemplary leaders for their significant contribution in fields of business, science and technology, community service and social upliftment.