Nokia voted India's most trusted brand

Nokia's success lies in the fact that it has managed to successfully cater to both ends of the market and its comprehensive portfolio for the Indian market "together with investments in marketing and distribution...have helped differentiate the brand from the competition," Kallasvuo said.

India is a very "critical" market, Kallasvuo said, adding, it is Nokia's second biggest market after China.

"Our presence in India demonstrates this very well: the factory in Chennai, the design studio in Bangalore and the strong presence in Nokia Siemens network," Kallasvuo said. "We want to be as Indian as possible to do business in India."

According to D. Shivakumar, managing director, Nokia India, "India is moving from a penetration-driven economy to a consumption-driven one" and as consumers "become more aware of the larger issues facing society, they are likely to choose brands that reflect their concerns."

"Brands will have to engage consumers through socially-relevant differentiation to ensure that they play a deeper and more meaningful role in the life of consumers," he said.

As for Nokia, "Staying at No.1 is the bigger battle. It's a treadmill where the cycletime and response-time is in nano seconds," he said.