The Keynote Address at exchange4media Conclave 2010 on June 9, 2010 in New Delhi was delivered by Tim Love, Vice Chairman, Omnicom Group & CEO, Omnicom APIMA. The session chairperson was G Krishnan, CEO, TV Today. And the topic at hand was – ‘Emerging role of India in the global context: Taking the giant leap from developing to developed nation.’ Tim Love spoke on India in the global context and the role India has to play in the global economy.
The intriguing session commenced with the address of G Krishnan, who said that India was on the path of positive growth, even though there were vast areas of improvement. However, he said, “The global recession has proved to the world that India is an economic force to reckon with.” He further said that in India, it was important that the diversity of a country was realised and the products were customised according to the consumers’ needs.
Beginning his address, Tim Love said that India would soon be taking the giant leap from being a developing nation to a developed nation. He pointed out that illiteracy was a matter of grave concern for India on its way to becoming a developed country. He further said that what was more poignant was the fact that 65 per cent of the illiterate population were women. Citing the quote: ‘Educate a boy and you educate a man, educate a girl and you educate a generation’, Love affirmed that gender equality led to a stronger economy.
He went on to talk about technology and said that it was continuously evolving, and the need of the hour was to evolve with it. He compared the Indian population model to the model of developed countries and pointed out the similarity, wherein the majority of the population was below 30 years. India, which has a lot of labour strength, is slated to become the third largest economy by 2025. Love refused to categorise India as a developed or a developing country, but asserted that the future of India was bright.
He enumerated various reasons to make his point, beginning with the high development rate of Indian media. Over 71 million people are online in India, which is higher than those in the UK and France. It just points out to the fact that India is coming to the global stage in a big way and that the consumers in India are realising newer mediums. Love pointed out that India was an important country for global progress, as it was the originator of ideas. “There is a race for ideas in the market, as ideas imply innovation and technology. It is time the world comes close together,” he said, adding, “A world with borders and nations are not relevant in a world which thrives of interdependence for growth.”
Love cited the example of the Gillette WALS (Women Against Lazy Stubble) campaign to point out how ideas and innovations were essential in the modern day market, and that case studies from the Indian market were taken to other markets. After Gillette launched the WALS campaign, sales of Gillette Mach-III razors increased by 500 per cent, he said, adding that the example showed the efficacy of such an initiative.
Love further said, “An individuals’ choice is very important, hence individual decisions and choices are the most important for our industry. For India too, such choices would affect its leap from developing to developed country.”
The key concern for India, according to him, was the population growth and the issue of literacy. Youth, the tendency to save and the ‘bottom of the pyramid’ (the work force of India) were what would help India rise on the global level, he affirmed.
The discussion, which was an intellectual appetiser, ended with session chairperson G Krishnan’s observation that India was spending half of what the US market was doing on its earning. He then posed the rhetoric question of whether the clients were scared of being too aggressive. Love ended this discussion stating that interaction was the key to future growth.
The exchange4media Conclave 2010 is presented by Dainik Jagran. CNEB is the Associate Sponsor. The Mumbai leg of the Conclave will be held on June 11.
This year, readers can follow the latest developments and discussions regarding the Conclave on Twitter, the hashtag for which has been set as #e4mC2010. An exchange4media brand page has also been initiated on Facebook at http://www.facebook.com/pages/exchange4media/117658164936658