India faces challenge of creating global brands: Murthy

India may be the second-fastest growing economy in the world, but it faces the challenge of constantly being innovative and creating global brands, Infosys co-founder and chief mentor, N R Narayan Murthy, said.

India may be the second-fastest growing economy in the world, but it faces the challenge of constantly being innovative and creating global brands, Infosys co-founder and chief mentor, N R Narayan Murthy, said.

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"I have seen a new sense of confidence in India. Our companies have done pretty well. They have gone and acquired several companies in Europe, in Asia and in the US. But we do have a challenge and that is we have to create global brands," Murthy told reporters in Mumbai.

He said innovation and marketing were two very important functions in any enterprise, without which it was very unlikely that a corporation would have a great future.

"Creation of such global brands requires innovation. I think it is our responsibility in the industry to create a great future for ourselves on a global scale in the global bazaar by creating global brands, products and services," Murthy said.

He was speaking at a meet organised by IIT Bombay and Australia's Monash University to discuss future challenges and finding solutions through research in engineering, science and technology.

Murthy said India's GDP growth rate was pretty impressive and Indian exports were "pretty decent even though in the last year or so it has come down".