More than one-third of Chief Marketing Officers (CMOs) are hopeful of V-shaped recovery of their industries on the back of performance of the agriculture sector and increasing demand of the FMCG products, said a report from Octane Research.

The report titled 'Digital 2021: Adapting to the New Normal', said that technology has played an important role in bringing about recovery and growth among industries as companies used it to proactively reach out to consumers online and encouraged purchases. As many as 35 percent of India CMOs are hopeful their industry will have a V-shaped recovery and further boost the economy, the Octane research report said, adding, this relatively positive sentiment for their industry is based on the farm sector's performance, coupled with a reliance on industries catering to essential commodities and FMCG that experience a comparatively inelastic demand. Less than 10 percent of CMOs fell that the Indian economy will have a sluggish L-shaped recovery

The report also highlights that Indian CMOs responded to the challenge of the lockdown by steering their mindset and strategy to a "Digital First" approach.

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