The keynote session on Day1 at the GoaFest was closed by Toshan Tamhane, Principal Consultant, McKinsey & Co. His focus of attention was on the economic slowdown and how the advertising and media industry is coping with it. He began the session by talking about the causes behind the recession and made absolutely no bones in saying that it has been caused by some of us.
He said, “We are all discussing crisis as an opportunity. We must realise that it is a global phenomenon. All across the world, people are suffering because of the slowdown.”
Tamhane added, “For certain industries, this is the best time. For instance, during the Great Depression in 1929, industries like Healthcare, Alcohol and Entertainment saw a boost in their sales.”
According to him, the recession has hit everyone simultaneously. Credit markets all across the world have been affected. The crisis can be understood by global connectivity where all markets rise and fall at the same time. Lastly, there is uncertainty within the corporates, corporate actions have practically frozen. They are unsure about cutting costs or expansions during these difficult times. Therefore, they are stuck to their current position.