Indian products are no longer recognised as 'cheap Indian products' across the world, thanks to the successful transformation of India Inc, Subodh Bhargava, Chairman, Tata Communications, said on Friday.

The country, however, needed to address challenges like clarity, increasing competitiveness, enjoying change, governance, leadership and competencies, he said, delivering the keynote address at the Madras Management Association Annual Convention 2008, in Chennai on Friday.

"We are running a marathon. We have to stay the whole course and cannot afford to become complacent or arrogant. The world is changing faster, products change, consumer needs are changing... we should be able to manage it in a better way and enjoy the process of managing change over a long period," he said.

Bhargava said while Indian companies were becoming successful at innovation, the union government should also look at innovating.

"Whatever the industry does will not be sustainable unless the government delivers, especially on infrastructure. The government keeps on promising, but does nothing," he said. He also commented that corporate India had to take risks and strategise to own and control the supply chain.