It is time India became globally competitive and productively marketed brand India, corporate heads and experts from India and other participating countries said.

Cautioning that the lack of competitiveness was hurting India's growth prospects, former finance minister P Chidambaram said on Monday that government must be made accountable for the progress made on the utilisation of resources.

"India is growing, and many Indians are becoming prosperous. But the question remains as to whether India is becoming more competitive," he said addressing a plenary session on 'India's competitiveness', at the India Economic Summit.

Chidambaram called for a better utilising of India's resources. "Locked up public sector assets, better management of foreign exchange reserve, better utilisation of the funds with banks, and technological strengths should be put in a perspective to make India more competitive," he said.

World Economic Forum's chief economist Augusto L Claros said that in India there has been universal recognition for the achievement in the 1990s while there were many challenges that remained to be tackled.

Deepak Puri, managing director, Moser Baer India, said the country has to identify key sectors to launch a global brand building strategy for made in India.

Puri said that India has made strides in the global economy as a result of the country's strong talent pool, despite the infrastructure bottle necks.

According to Jurgen Schubert, managing director, Siemens India, "Companies such as Siemens have made changes in their strategy to become successful in India. India may not be the ideal market, but it is a market where companies can become successful and make money."

According to Gautam Thapar, vice chairman and managing director, Ballarpur Industries, said that Indian companies have overcome various bottlenecks to sell in the global market.

Explaining the challenges faced by the Indian economy, Arun Maira, chairman, The Boston Consulting Group, India said that initiatives such as India Brand Equity Foundation could play the branding role for India by brand on the intellectual talent in the country.