Watch: Rishi Sunak explains how following Dharma helped him become UK PM

In a rare joint address that felt more like a fireside conversation than a commencement speech, former UK Prime Minister Rishi Sunak and his wife, investor-philanthropist Akshata Murthy , took the stage at Stanford’s Graduate School of Business (GSB) to reflect on leadership , life, and the Eastern values that have guided them through power, politics, and parenthood.

But it was one ancient Sanskrit word— Dharma —that became the philosophical cornerstone of their address to the Class of 2025.

“It’s a concept known in Sanskrit as Dharma,” Sunak explained. “The idea that we should gain our fulfilment from simply doing our personal duty, rather than from any rewards that may come with our efforts.”

It was not just an abstract idea. Sunak revealed that Dharma was the principle that guided his decision to step into the chaos of British politics in 2022—after losing the Conservative Party leadership race, only to return weeks later as Prime Minister following Liz Truss’s resignation and a market meltdown.

“At that point,” Sunak recalled, “a purely ambitious politician would have sat out the impossible situation. But Akshata reminded me: my Dharma was clear.”

That invocation of duty over ambition—a far cry from the usual Machiavellian fare of Westminster—drew warm applause from the GSB audience. For a school known for producing Silicon Valley unicorns and global CEOs, the speech was a gentle, unexpected reorientation: success isn’t just about spreadsheets, scalability, and shareholder value. Sometimes, it’s about doing the right thing, even when it costs you.

A Love Story in the Schwab Courtyard

The speech was also deeply personal. Akshata and Rishi, both graduates of Stanford GSB’s Class of 2006, met during their time on campus. “This is literally where we met,” Murthy told the audience. “In the Schwab courtyard, to be precise.”

Their anecdotes—him in “seriously uncool” cargo shorts, her dragging him along on runs—were a charming counterpoint to their more weighty themes. But even those early conversations, they said, were seeded with discussions about leadership, values, and Dharma.

“We started talking about this idea without knowing it,” Murthy said. “At Arbuckle Café over breakfast… and whether 11am was too early for some ice cream for Rishi.”

From Omicron to Om
Sunak drew on his COVID-era experience as Chancellor of the Exchequer to drive home a broader point: while data was critical, instinct—rooted in values—was what made the difference.

“I used to find comfort in the idea that data could always provide a certain answer,” Sunak said. “But Akshata helped me see that data can’t look around corners. It can’t make the decision for you.”

It was a lesson, he said, that helped him resist pressure for a second national lockdown in late 2021, when the Omicron variant emerged. While the experts were divided, Sunak trusted his intuition—and ultimately, his duty to protect not just lives, but livelihoods.

Dharma for the Next Generation

The concept of Dharma wasn’t just for prime ministers. Murthy extended it to young people, particularly through initiatives like Lessons at 10 and The Richmond Project, both aimed at increasing youth numeracy and life skills across the UK. “Successes and failures are part of the package that comes with leadership,” she said. “Dharma isn’t just relevant in public service… it gives you the resilience and clarity to overcome whatever’s thrown at you without losing your way.”

The GSB audience—diverse, ambitious, and often torn between idealism and practicality—was urged to embrace the same principle. Not to obsess over outcomes, but to anchor themselves in purpose. “If you want to lead,” said Sunak, “it’s not a question of data or intuition. You’ve got to get comfortable with both.”

An Indian Ethos in Global Power

That both Sunak and Murthy come from families steeped in Indian values added an additional layer to the message. As the daughter of Infosys founder Narayana Murthy, and as Britain’s first Indian-origin prime minister, they embodied a fusion of East and West , Silicon Valley and Westminster, tradition and modernity.

In invoking Dharma, they weren’t just quoting a Sanskrit term—they were redefining global leadership with it.

For a generation of graduates who will face climate breakdowns, AI disruption, political upheavals and moral dilemmas far more complex than case studies can capture, the message resonated:

Don’t just optimise. Do your duty.

Whether it’s in public service , entrepreneurship, or social impact, the world, they said, needs more leaders shaped not just by capital markets—but by Dharma.

As the applause rang out and the tassels turned, Rishi and Akshata Murthy left the GSB stage not as power couple or policy wonks, but as philosopher-guides—reminding the next generation that greatness isn’t just built on ambition or data, but something older, deeper, and infinitely more enduring.

A sense of duty.

Or as the Bhagavad Gita would put it: “Karmanye vadhikaraste ma phaleshu kadachana” — “You have the right to perform your duty, but not to the fruits of your actions.”

That, perhaps, is the ultimate graduation gift.