Modi to spur growth, change nation’s image: WPP’S Sorrell

MUMBAI: Global communications major WPP is growing “significantly” in India and the group’s revenue in the country is expected to top $500 million this year for the first time, CEO Martin Sorrell said on Tuesday.

The company has 14,500 employees across its various businesses in India. Among the Brics countries, India is the third-largest market for WPP; China is the largest with a revenue of $1.5 billion and Brazil is second with a revenue of $800 million.

Sorrell was very optimistic about growth in India and praised Prime Minister Narendra Modi, who he felt will help change the image of brand India and boost growth. “Brand India has a lot of positive attributes but there are also some negatives. I think, the Prime Minister has already indicated willingness to actually to do something about it,” Sorrell said during the launch of the first WPP report on top 50 most valuable Indian brands.

He said that India is underbranded and under-advertised market, but now the overall optimism among businesses has improved post the elections and India could be “hotbed” of growth over the next few years.

“India has been very strong for us and what we gauge is improved view post the election. Whether that results in improved spending we are yet to see…but people are optimistic and the mood is better,” Sorrell said.

India will likely become the most populous country in 25 years, and Sorrell is betting on the burgeoning middle class to drive growth in the country.

“The middle class will be the engine for growth. Thinking about that, if I was that entrepreneur in India, I would mine the opportunities here incessantly… India will be a hotbed of growth and development,” Sorrell said.

HDFC Bank, Airtel, SBI, ICICI Bank, Bajaj Auto, Asian Paints, Hero Motocorp, Idea, Kotak Mahindra Bank and Reliance Communications are the top 10 most valuable Indian brands in 2014, according to the report.