Working through the crunch
India’s PR industry is estimated to be valued at around ₹1,600 crore, according to PRCAI, and has grown about 15% on average over the past eight years. But now, “revenues have been adversely impacted by at least 20% to 30%”, says Mantri. “If you look at the core sectors of travel, hospitality, consumer and retail, those have been the hardest hit.” Consequently, at many firms, employees experienced anywhere from 30% to 50% pay cuts, and at the senior level, even higher, to offset dwindling revenues. While no PR agency has admitted to firing employees, there have been furloughs and resignations.