Unlocking in the Lockdown: Amul's Surge During Testing Times

JSK Chakravarthi
Associate Professor, Department of Marketing and Strategy, IBS Hyderabad (Under IFHE - A Deemed to be University u/s 3 of the UGC Act, 1956), Hyderabad, Telangana, India. E-mail: Chakravarthik@ibsindia.org

Benudhar Sahu
Senior Research Associate, IBS Hyderabad (Under IFHE - A Deemed to be University u/s 3 of the UGC Act, 1956), Hyderabad, Telangana, India. E-mail: sahu@ibsindia.org

The case study is about the success of the Indian dairy cooperative society Amul during the Covid-19 pandemic in 2020. While several businesses including small vendors, ice-cream manufacturers, hotels, and restaurants stopped procuring milk from farmers during the lockdown, Amul collected an additional 3.5 million liters of milk daily from the farmers and paid them well. The company ensured an uninterrupted supply of milk and milk products across the country during the lockdown. It decided to double its marketing spend on advertising and branding. Amul revisited its marketing strategy, focusing on both the traditional and digital advertising space. It said the lockdown had not affected it and it went ahead with reinventing its distribution network and launching a range of immunity boosting products such as turmeric, tulsi (basil), and ginger milk. The dairy giant said its brand reputation, resilience, prompt action during the crisis, and ability to adapt to the situation would enable it to overcome any future challenges too.

Introduction

On March 24, 2020, late in the evening, Narendra Damodardas Modi, Prime Minister of India, announced a stringent 21-day nationwide lockdown to contain the spread of the Covid-191 pandemic in the country. The lockdown limited movement of the entire 1.3 billion population of India. With the imposition of a self-proclaimed curfew2 (though essential services were exempted from the lockdown), people rushed to nearby grocery stores to stockpile essential commodities. Like many, Rupinder Singh Sodhi (Sodhi), MD of the milk cooperative body Gujarat Co-operative Milk Marketing Federation Limited (GCMMF, popularly known as Amul), also rushed to the nearby milk booth to stock up on milk products for household consumption. But, when he reached the nearest milk parlor, he saw that the shelves were almost empty. He managed to get whatever little was left - two small packs of curd and a pouch of buttermilk. Millions of families across India faced a similar situation of having to stock up or of not finding stuff that night and resorted to panic buying. On reaching home, Sodhi wondered, "If my own family is panicking what others must be going through."3 He assured consumers across India that milk supplies would become normal as dairy products, being an essential food item, were exempted from the lockdown.

Sodhi took up the challenge of managing the Amul production centers, catering to the needs of around 3.6 million farmers who supplied the company with 23 million liters of milk every day.4 He found an opportunity in the restrictions and adversity that came with the lockdown. Amul excelled in all aspects of business performance such as double digit growth in sales turnover, consistent supply, and optimum capacity utilization of factories during the lockdown period between March 25 and May 31, 2020. Even as India was battling to contain the pandemic and most companies had stopped their production due to the slowing demand, Amul catered to a huge demand spurt in the dairy market. It ensured that dairy farmers and consumers stayed safe and unaffected during the lockdown. At this time, the demand for Amul brand products increased as consumers went in for safer brands of food that offered immunity and were packed, trustworthy, and affordable. To seize the market opportunity, the dairy brand decided to increase its marketing spend on ads during the lockdown. "Amul advertising has always been in sync with the mood of the nation. The brand and the managers of its advertising creatives have the pulse of the nation and make it an essential part of its advertising. It therefore seldom fails,"5 Harish Bijoor, brand guru and founder, Harish Bijoor Consults Inc.,6 said. Amul revisited its marketing strategy, focusing on both traditional and digital marketing at the same time.

Analysts expected a year of pain for the dairy industry in the post-pandemic period due to the fall in demand for Value-Added Products (VAP) like butter, cheese, and yogurt, which were more profitable than liquid milk. However, Sodhi maintained that the market demand for branded products would go up, while loose products would sell less. When many businesses were struggling to maintain their supply lines during the lockdown, he expected a 15-16% revenue growth for Amul in 2020-21.7

Background

Amul, an Indian dairy cooperative society, is based in the Anand district of Gujarat state in India. It was spearheaded by Tribhuvandas Kishibhai Patel (Tribhuvandas) under the guidance of the then Deputy Prime Minister Sardar Vallabhbhai Patel8 during the 1940s. Tribhuvandas founded Kaira District Co-operative Milk Producers' Union Limited in 1946 with the objective of providing marketing facilities to the milk producers of Anand district in Gujarat. He served as its founding chairman. In 1949, Tribhuvandas hired Verghese Kurien (Kurien) to help and guide the technical and marketing efforts of Amul. Born into a wealthy Syrian Christian family in Kozhikode in the southern state of Kerala, Kurien was an engineer and a social entrepreneur. He was regarded as the architect of India's "white revolution"9 that transformed the country from an importer of dairy products into the world's largest milk producer.10 The Kaira District Co-operative Milk Producers' Union, under the leadership of Kurien, selected the name Amul, which was derived from the Sanskrit word 'amulya', meaning priceless. In 1955, the Kaira District Co-operative Milk Producers' Union Limited established the brand name Amul and decided to hand over the brand name to a cooperative body called the Gujarat Co-operative Milk Marketing Federation Limited (GCMMF). In 1965, Tribhuvandas handed over the chairmanship to Kurien, under whose guidance the organization started to grow rapidly. Kurien was credited with making Amul a household name in India in his more than 30-year-long career (1973-2006).

In India, the dairy and animal husbandry sector was the primary source of income for nearly 70 million rural households, contributing around 4.2% of India's GDP.11 In the financial year 2019, milk production in the country increased by 6.5% to about 187 million metric tons, up from the previous year's 176.3 million metric tons.12 GCMMF, India's largest food product marketing organization, was a cooperative that was owned by 3.6 million farmers.

Between 2010 and 2019, GCMMF had reported a Compounded Annual Growth Rate (CAGR) of more than 17% due to higher milk collection, launching of new products, and adding of new milk processing plants and new markets across India.13 In 2019, Amul was ranked the 9th largest and fastest growing dairy organization in the world, rising from the 18th position it had occupied in 2011.14 In the financial year 2019-20, GCMMF reported a 17% increase in annual sales turnover to 385.5 bn, up from 331.5 bn the previous year (see Exhibit I for Sales Turnover of GCMMF). Rapid expansion helped Amul achieve a record turnover of 385.5 bn, which was almost five times the turnover of 80.05 bn in 2009-10 (Exhibit I).

During the ten years (2009-10 to 2019-2020), Amul witnessed a 138% growth in the procurement of milk to 21.596 million liters per day in the year 2019-20, up from 9.093 million liters per day in the year 2009-10.15 "This enormous growth was a result of the high milk procurement price paid to our farmer-members which has increased by 127 per cent, from 337 per kg fat in the year 2009-10 to 765 per kg fat in the year 2019-20,"16 GCMMF said. As of March 31, 2020, GCMMF collected approximately 23 million liters of milk a day from 18,600 village milk cooperative societies and 18 cooperative dairy unions covering 33 districts in Gujarat.17 Amul collected 60% of the milk from Gujarat. The rest of the Indian states provided the remaining 40%.18 After collecting the milk from farmers, the village milk cooperative societies transported chilled milk to district milk unions for processing into packaged milk and other products. The milk products were then sent to consumers daily through a dealer network of 10,000 distributors, one million retailers, and 61 sales offices across India as of March 2020.19 The Amul brand offered a range of milk-based products such as milk, flavored milk, buttermilk, yoghurt, milk powder, butter, ghee (clarified butter), cottage cheese, pizza cheese, ice-cream, energy drinks, chocolates, and traditional Indian sweets, etc.

Navigating the Lockdown

When the government of India announced the nationwide lockdown with effect from March 25, 2020, to contain the spread of the coronavirus, Amul converted the pandemic crisis into an opportunity. The dairy industry was allowed to operate during the pandemic since milk came under the essential food category. Amul had the experience of operating in situations like curfews and natural calamities in Gujarat. "We are used to working in curfews during riots and natural disasters, especially in Gujarat. Just the scale of it was nationwide this time,"20 Sodhi said. Given its ground experience of operating in difficult situations, the milk giant assured people that it would make dairy products available during the lockdown. Amul took all possible steps to enable smooth business operations during the pandemic, giving millions of Indians, even in the remotest of regions, access to its products.

During the lockdown period, many companies and industries either cut down on or closed their businesses, and this affected their sales growth. Amul's sales plunged by 10-15% in some major cities,21 as it saw a sharp decline in demand from commercial buyers including hotels, restaurants, and the catering segment, which accounted for about 20% of the organized dairy sector's revenues.22 The hospitality sector cut sales in the months of April and May 2020.

Consumer Behavior

Despite the fall in demand for milk and related products from the hospitality and commercial segments, increasing household consumption helped Amul make up for the lost demand. It procured around 26 million liters of milk daily in normal times and this increased by 15% during the lockdown,23 mainly because milk collection in the private sector including the restaurants, hotels, small dairies, vendors, and ice cream manufacturers had completely come to a standstill.

The main reason for the increase in household consumption was the change in consumer behavior during the lockdown time. At this time, household consumption increased as more people stayed at home. Moreover, as restaurants and eateries had also been forced to shut shop, people had to make do with home-made food. As a result, the demand for groceries went up. With restrictions placed on transport, going to organized retail stores became difficult and the local mom and pop stores (grocery shops) became the store of choice for all. There was a gradual change in people's consumption behavior during the lockdown as the demand for hygienic, packaged foods and trusted brands increased. Compared to pre-Covid-19 times, the demand for Amul's packaged milk increased by 5-7% during the lockdown as consumers preferred the packaged foods of a trusted brand over fresh ingredients of a local brand.24 Sodhi said the lockdown was a good time for trusted brands to make consumers try new products as they demanded more branded and packaged items that offered quality and ensured safety of the product. He took advantage of the shift in consumer preference for packaged food products and daily essentials like milk, curd, butter, and clarified butter, hoping people "stay healthy" and "not hungry".25

At a time when many businesses were struggling to maintain their product sales, Amul took advantage of the situation. Despite the closure of restaurants and hotels since the lockdown (started on March 25, 2020), the demand for milk-based products like cheese increased by 80%, while the household demand for cottage cheese grew by 40% as of May 2020.26 The demand for condensed milk also doubled at this time. GCMMF came up with a plan to purchase milk from farmers outside Gujarat to help them sell their milk. It hired additional plants from smaller private players to overcome the capacity constraints and to process the surplus milk procured from farmers across the country. "We were operating 115% of the capacity and had to hire plants of those companies who were not procuring milk. Except ice-creams, all our plants worked at full capacity and for certain products like paneer and cheese, the demand was much more,"27 said Sodhi. However, revenue from Amul's value-added segment, such as ice-cream, yogurt, and cream, which accounted for 20% of overall sales, fell completely. Ice-cream, which was not considered essential commodity during the lockdown, saw an 80% fall in sales.28 Looking at the low demand for ice creams during the lockdown, Amul diverted its distribution network for ice creams to other product segments, including the production of milk powder.

During the first quarter of 2020, Amul launched 33 new products into the market. The product line extension was a carefully calculated move by the milk cooperative to cater to the changing consumer tastes and preferences. Ever since the breakout of the pandemic, hygiene, immunity, and safety were among the people's major concerns. Keeping those health-related aspects in mind, Amul worked on generating a range of immunity-building products for its consumers. Even as many Food and Beverage (F&B) brands struggled to maintain their supply chains during the lockdown, Amul was able to launch new product lines and brand extensions. The dairy brand launched flavored milk products such as 'haldi milk' (turmeric milk), 'adrak milk' (ginger milk), and 'Tulsi milk' (basil milk) keeping in mind the needs of Indian consumers and their belief that traditional herbs help in boosting immunity. Amul believed the new product range could tap into the rising consumer awareness about health and nutrition products. After recognizing the market need for safe and hygienic religious offerings (Prasad), Amul introduced a packaged 'Panchamruta' product (a product of five ingredients - cow's milk, curd, honey, sugar, and ghee) that was offered to deities and then consumed by devotees. "Innovation is the need of the hour and we feel the presence of such a product in the market was needed,"29 Jayen Mehta, senior general manager (Planning and Marketing) of Amul, said.

In July 2020, Amul forayed into the edible oil category with the launch of 'Janmay' (meaning newly born) in Gujarat and Rajasthan, after Prime Minister Narendra Modi's call for Atma Nirbhar Bharat (self-reliant India) in May 2020. With the launch of the Janmay brand, Amul aimed to provide remunerative prices to oilseed farmers and make the country self reliant in edible oil production. It wanted to leverage its existing network of 3.6 million farmers in Amul's production network, many of whom also produced various oil-producing seeds.

Uninterrupted Supply Chain

Unlike the supply chains of other business units that started from a factory or an ancillary supplier, Amul's supply chain was multi-layered and multi-dimensional, starting from the source of milk production (the cattle and the milk suppliers). Given the changing dynamics of supply - increasing demand for dairy products and reduced demand for frozen products - Amul faced logistic and supply chain issues for delivery of milk products. Particularly during the early part of the lockdown, it was unable to deliver its products to distributors and retail outlets. An insufficient number of drivers, coupled with the problems due to imposed movement restrictions, were some of the major bottlenecks in milk delivery. To overcome such logistic problems, Amul relied more on the railways to transport products quickly. "Unlike earlier, when we used to have a separate supply chain for fresh, ambient products and ice cream, we have now converged our supply chain. Since the trucks distributing ice cream were idle as there was a dip in demand, we have started using them to deliver our fresh and ambient products. We are making sure that our products reach our consumers,"30 Sodhi said. In the hour of crisis, Amul promoted its brand by building relationships with supply chain partners, transporters, farmers, dealers, and consumers. At this time, Amul ensured that there was no interruption in its supply chain, right from farmer to consumer. The dairy giant optimized the use of resources by deploying the chain used to supply frozen goods for delivering dairy products overnight as the dairy supply chain was under pressure and the supply chain for frozen goods remained idle.

Some of the initiatives that the company has taken earlier to digitize its supply chain end-to-end also proved to be advantageous during the time of crisis. A case in point was the partnership that GCMMF had entered into with IBM in 2009 to integrate all its member unions and federation on a single enterprise platform and enable end-to-end visibility of its supply chain. The contract was renewed for another 10 years in 2019.31 IBM developed an IT strategy roadmap for GCMMF, integrating the supply chain solutions of the milk cooperative with its Enterprise Resource Planning32 (ERP) solutions. The ERP Infrastructure helped Amul to run a seamless milk and milk products supply operation, providing clarity and visibility into the daily logistics and inventory process. "The pandemic situation was extremely critical for us since this is an essential service. But thanks to our integrated IT infrastructure, during the lockdown, our supply chain of 3.6 million farmers, 18,700 societies, 5,000 milk tankers going to 200 chilling stations, making 750 SKU, then going to 62 branches and 10,000 distributors and one million retailers, I knew exactly what was happening at every point - where tankers are being stopped, in which village milk has not been collected, and which market tankers could not go. Technology is being used every day by everyone, but during the lockdown, it was very critical for us,"33 said Sodhi. The lockdown was a testimony of the strong legacy that Amul (the dairy cooperative society) held for Indian consumers, analysts said. "The pandemic proved the inherent strengths of the cooperative dairy industry and the resilient supply chain built by brands like Amul which was later replicated across states (beginning 1970s)," said Harekrishna Misra (Misra), professor at the Institute of Rural Management Anand34 (IRMA). Misra said the cooperative model developed by Amul was a social innovation built on trust and a disciplined supply chain. "The advantage of the Amul cooperative model is that profits are not a business target. They never turn a farmer away and the primary objective is to deliver products at the lowest possible price to the consumer,"35 Sunil Alagh, former CEO of Britannia Industries, said.

Incentives and Safety Measures

Amul not only procured more milk during the lockdown, but it also increased incentives through the supply chain. It incentivized supply chain partners like labor, transporters, and employees in order to encourage them to work and cooperate during the supply chain disruption. Soon after the lockdown, Amul announced cash incentives for people on the ground including dairy plant workers, drivers, sales executives, distributors, and retailers to ensure a seamless supply chain. It paid an additional 100 to 125 to its casual workers, while distributors got an extra 35 paisa (0.3536) incentive per liter of milk.37 In addition to cash incentives, Amul provided food and stay arrangements for workers inside dairy plants to avoid labor shortage issues. To ensure the uninterrupted supply of other products like packaging material, it engaged with local authorities where packaging factories were located. Amul also made arrangements to supply cattle feed to its farmers. Since around 45% of its products moved through freight trains, it cut down transit time. In the first phase of the lockdown period (March 25-May 31, 2020) in India, Amul collected an additional 3.5 million liters of milk per day and paid around 8 bn extra to the rural milk producers.38 "Pandemic or no pandemic, it has never reneged on the promise of a stable price to both consumers and farmers despite milk being a highly perishable product," Mishra said.39

Amul took the precautionary and safety measures right from the village level for classification, processing, and distribution of milk and milk products. By the time the lockdown was announced, Amul was well prepared to prevent any disruptions in its cow to consumer (C2C) and buffalo to consumer (B2C) supply chain.40 Right from March 17, 2020, social distancing norms and sanitization protocols were introduced and the company explained to village societies how to cope with the pandemic. "More than a week before the lockdown was announced, we began preparations by intensively planning with supply chain partners,"41 Sodhi said.

Media Promotion

After the lockdown was announced, Amul started dominating the television media in advertising, taking the maximum Target Rating Points (TRPs) as the low advertising by other brands worked strategically in its favor, N Chandramouli (Chandramouli), CEO, TRA Research,42 said. Amul believed advertisements on television would help it reach the maximum number of people as television was the most widely used as a source of entertainment all across the country. Also, during the lockdown, with more and more people staying indoors, television viewership had increased. During the months of April and May 2020, Amul's advertisement volumes increased three-fold (316%) compared to its ads during the same period the previous year,43 TAM AdEx44 said. Its advertisement of Amul Kool and other packaged products on television got 10 times more views than the Indian Premier League45(IPL).46 "Amul is one of the few brands that one can truly say has touched the life of most Indians. I also think Amul is one of the smartest marketing companies the country has. As explained by R S Sodhi to me personally, during the lockdown families were consuming media like never before and it made sense for Amul, which formed a part of the essential daily consumptions of the family. Not only did it use its old ads and bring in a feeling of nostalgia and reconnect, I think it also has virtually outdone every brand in terms of occupying mindshare,"47 Chandramouli said.

During the lockdown, when people spent a considerable amount of time watching news on TV and on digital media, Amul sensed a wonderful opportunity to enhance its bonding and connect with Indian consumers by enhancing its advertising and media presence. "For us, brand building is like long-term asset building and not just a sales pitch. More importantly, advertising is another form of communication with the consumer, and for us, they are family. So if a family member is distressed, we should communicate more, rather than less,"48 Sodhi said.

While competitor brands were cutting down on ad expenditure due to the drastic fall in their businesses during the lockdown, Amul stepped up its ad communication. This was clearly visible on the ground. Compared to 1% of its overall revenue spend on marketing prior to the lockdown, the dairy brand doubled its marketing spends on advertising and branding in March 202049 on account of increasing viewership and changing consumer sentiments. Before the announcement of the lockdown, Sodhi met with CEO of the media agency IPG Mediabrands50 India, Shashi Sinha (Sinha), who shared some thoughts on how the next few months were going to work out for the consumer companies. "To his credit, he (Sodhi) heard us and within 40 minutes, he said he would double the ad spends, if we can get some good deals. We started making calls and within 2-3 days, we got some great deals across TV channels, print and digital media. Once lockdown was imposed, Amul was practically the only brand which was advertising,"51 Sinha said.

When Doordarshan52 started rebroadcasting popular epic shows of yesteryear like Ramayana53 and Mahabharata54 during the lockdown, the audience took a trip down memory lane. The nostalgia resulted in consumers taking to social channels to express their desire to bring back the Amul ads of those times. "While consumers liked the old ads, many on social media sought for our retro-ads from the '90s. So we began doing that. This is how Amul has stayed modern and contemporary,"55 Sodhi said. The brand listened to consumers and started running their old ads on television during the epic shows, cementing their place in the hearts of the audience. Amul came out with its Ramayan themed ad with the 'utterly butterly delicious' tagline and the Amul girl.56 "Amul 'The Taste of India' has decided not to 'waste' any time eversince the lockdown started. Using its inventory of ads and media space on Doordarshan on Ramayan and Shri Krishna, it catapulted in vibrant awareness and robust brand recall. The showcasing of the entire range of Amul products also helped,"57 Jagdeep Kapoor, founder and CEO of Mumbai-based marketing consultancy company Samsika Marketing Consultancy Private Limited, said.

Amul continued to create entertaining advertisements and strengthened its position in the consumer mindspace while staying relevant. "Amul kept it true to its personality with likable fun. Never went overboard on tall immunity or Covid claims. And more importantly never stopped production, distribution, sale or advertising. Important lesson for essential marketing,"58 said KV Sridhar, Global chief creative officer of Nihilent.59

Online Sales

Amul adopted the approach of using a third-party online sales platform to increase online sales, bypassing physical retailers. The lockdown accelerated the milk cooperative's e-commerce sales by two, three, or even four times, depending upon the cities.60Amul used third-party e-commerce players in India (online grocery portals) such as BigBasket, Dunzo, Flipkart, and Milkbasket to expand its online sales during the pandemic. It also entered into deals with India's online food delivery platforms like Swiggy and Zomato to sell and deliver products such as butter, milkshakes, and paneer. "In May, we got more than 60,000 delivery orders through Zomato and sold INR30 mn (US$400,000) worth of Amul products in 200 cities across India,"61 Sodhi said.

Road Ahead

India's credit rating agency CRISIL estimated that the Indian dairy sector would see a flat revenue growth during 2020-21, as against a 10% Compound Annual Growth Rate (CAGR) over the past decade62 due to the fall in the sale of value-added products. With the closure of hotels and restaurants and fall in the consumption of products including ice-cream, the demand for value-added products was expected to de-grow 2-3% in the fiscal year 2020-21, reducing operating profitability by as much as 50-75 basis points63 (bps),64 CRISIL said. Despite the challenges, Sodhi expected an enviable revenue growth of 15-16% in 2020-21, marginally lower than the 17% compound annual growth rate (CAGR) reported in the previous years.65 He believed that with demand increasing for healthier and safer options, the demand for packed, safe, trusted, and affordable products would see a surge. Amul planned to set up a large potato processing plant in North Gujarat to introduce packaged products like French fries and Amul parathas, positioning these products as nutritious alternatives for the frozen foods manufactured by Indian companies like McCain Foods India Private Limited and HyFun Foods. Speaking on Amul's product planning, Mehta said Amul's focus would be on making immunity-based products readily available in the post-pandemic period. "We all have become health conscious and building immunity. In the post-Covid era, concerns for building immunity will be high only,"66 he said, adding that "These immunity-boosting products will never go out of fashion and we have popularised the usage and benefits of these ingredients."67

During the tough times caused by Covid-19, Amul stood strong and continued to serve both farmers and consumers, analysts pointed out. By not getting bogged down by the challenges, it exhibited its strength, resilience, adaptability, and promptness, and these would enable it to overcome any future challenges it might face, they said. "The success of the Amul model is a result of a unique mix—a company owned by farmers, managed by professionals, where consumer safety and trust are paramount," said T Nanda Kumar, former chairman of the National Dairy Development Board. "If farmers' share in the consumer rupee is a measure of success, Amul could be a benchmark while fixing the fruits and vegetables supply chain in India."68J

Suggested Readings and References

1. Patricia Bauer, "Verghese Kurien," www.britannica.com, September 05, 2020.
2. Siraj Hussain, "India's COVID-19 Crisis has Placed Its Dairy Farmers at a Crossroads," https://thewire.in, August 06, 2020.
3. Raghavendra Verma, "How India's Covid-19 Lockdown has Fuelled FMCG Interest in E-commerce," www.just-food.com, July 27, 2020.
4. "Excellent Maneuver of Amul during Pandemic," www.agronfoodprocessing.com, July 15, 2020.
5. Shradha Mishra, "Not Looking at Volumes, Our Intention is to Connect Consumers with a Daily Ritual, Says Jayen Mehta on Amul Panchamrit," https://bestmediainfo.com, July 14, 2020.
6. Sayantan Bera, "How Amul Swung the Great Indian Milk Run," www.livemint.com, July 14, 2020.
7. "India's Amul Sees Gain from Increased Marketing Spend during Lockdown," www.warc.com, June 24, 2020.
8. Gaurav Laghate, "Amul Doubles Marketing Spends During Lockdown," www.economictimes.indiatimes.com, June 22, 2020.
9. "Pandemic Halts Indian Dairy's Cream Run, Profitability to Spill 50-75 bps," www.crisil.com, June 12, 2020.
10. Nidhi Singal, "How Integrated IT Infrastructure Helped Amul Steer through Coronavirus Impact," www.businesstoday.in, June 01, 2020.
11. Smriti Mishra, "Coronavirus Impact: Dairy Brand Amul Doubles Marketing Spends; has Brought Back Old Ads," www.financialexpress.com, April 29, 2020.
12. Vinay Umarji, "Amul Brings Nostalgia Back in Ads to Stay Relevant Amid Covid-19 Lockdown," www.business-standard.com, April 14, 2020.