MAM
Castrol India taps Deepesh Baxi as CFO and wholetime director
NEW DELHI: Castrol India has tapped Deepesh Baxi to succeed Rashmi Joshi as chief financial officer (CFO) and wholetime director, as the latter steps down from her current position on 31 December 2020.
Baxi, who is currently financial controller for Castrol’s businesses globally, will take up the role and join the Board on 1 January 2021. Joshi will move to another leadership position in BP after having served Castrol India for seven years as CFO and wholetime director. Joshi and Baxi will work together between now and the end of December to ensure a seamless transition.
Castrol India chairman R Gopalakrishnan said, “Rashmi has played a key leadership role offering financial stewardship and strategic insights to the business as it undertook several successful transitions during her tenure as CFO. On behalf of the board, I would like to thank Rashmi for all she has done for Castrol India and extend a warm welcome to Deepesh.”
Castrol India MD Sandeep Sangwan added, “Having worked with Rashmi for close to a year now, I value her financial expertise, strategic guidance and commitment to strengthen the financial health of the business. I wish her success in her new role and look forward to working with Deepesh who will bring his rich, cross-cultural global experience to lead the strategic financial agenda for Castrol India.”
Baxi is a chartered accountant with over two decades of industry and consulting experience, having spent the last 18 years in various roles within BP. He is also an alumnus of Indian Institute of Management (IIM), Ahmedabad and a certified internal auditor from Institute of Internal Auditors, USA. He has worked in international markets including UK and Asia Pacific in several leadership roles spanning across finance, strategy, M&A, planning, audit, risk and compliance, as well as business transformation.
MAM
India’s experience economy grows as live events market hits Rs 17,000 crore
EY-Parthenon and BookMyShow report finds 78 per cent Indians prefer experiences over products
MUMBAI: India’s live entertainment scene is no longer just about music, comedy or festivals. It is increasingly becoming a powerful stage for brands seeking deeper connections with consumers.
A new report titled Beyond Attention, Into Immersion by EY-Parthenon and BookMyShow suggests that India’s experience economy is entering a strong growth phase, driven by consumers who are choosing memorable moments over material purchases.
According to the study, the country’s live events ecosystem, which includes concerts, comedy tours, festivals and immersive exhibitions, is estimated to reach around Rs 17,000 crore in 2025. The growth reflects a broader cultural shift in how Indians spend their time and money.
The report finds that 78 per cent of Indian consumers now prefer spending on experiences rather than physical products. From attending concerts and festivals to participating in interactive brand installations, audiences are increasingly seeking engagement, community and shareable moments.
This change in consumer behaviour is particularly evident among younger audiences who want to participate rather than simply watch. Instead of passively consuming entertainment, many now look for experiences that allow them to interact, express themselves and connect with like minded communities.
For marketers, this shift has turned experiential marketing into a strategic priority rather than a promotional add on. Brands are moving away from interruption driven advertising and towards immersive formats that allow consumers to discover, test and emotionally connect with products.
The report suggests that experiential marketing now plays a role across the entire consumer journey. It can spark brand discovery, strengthen storytelling, encourage product trials and ultimately influence purchase decisions and loyalty.
The impact is already visible. Post event surveys conducted among 7,450 attendees at major events including Lollapalooza India and concerts by Ed Sheeran and Guns N’ Roses highlight the effectiveness of these experiences.
Around 59 per cent of attendees recalled brands they interacted with during the events, while 55 per cent said those interactions increased their likelihood of purchasing from the brand. A further 63 per cent reported that brand activations actually enhanced their event experience rather than distracting from it. Nearly 29 per cent also said the interaction improved their perception of the brand.
Brands are also changing the way they approach events. Instead of simply putting logos on stages or banners, companies are building experiences into the fabric of the event itself.
Financial services brands, for example, are offering early ticket access, exclusive lounges and curated event experiences for cardholders. Fashion and beauty companies are using festivals to showcase products through pop ups, interactive installations and social media friendly spaces that encourage visitors to share their experiences online.
The scope of experiential marketing now stretches far beyond live entertainment. Retailers are designing experiential stores where customers can explore products in lifelike environments. Entertainment platforms are extending popular intellectual properties into immersive exhibitions and fan events. Technology is also playing a growing role through augmented reality and virtual try on tools that blend digital discovery with physical interaction.
Cultural festivals remain one of the most powerful platforms for such engagement in India. Celebrations such as Navratri and Holi bring together large communities, emotional participation and heightened consumer spending. For brands, these moments offer an opportunity to become part of the celebration rather than simply advertise around it.
Despite the momentum, the report notes that some companies still hesitate to adopt experiential marketing at scale. Budget constraints, limited expertise and uncertainty around measuring return on investment remain common concerns.
However, the growing body of data around consumer engagement and brand impact is gradually addressing these challenges. More marketers are expected to allocate a larger share of their budgets to experiential formats over the coming years.
Taken together, the findings point to a clear trend. As consumers seek meaning, memories and moments worth sharing, live experiences are emerging as one of the most powerful ways for brands to stay relevant in a crowded media landscape.
