FM Nirmala Sitharaman has announced her sixth consecutive budget, this time in the form of an Interim Budget ahead of the upcoming parliamentary elections. This matches the record set by former Prime Minister Morarji Desai. Overall, it is looking up. From taxation, to ongoing subsidies and schemes for the rural class, to relaxations for startups and businesses, the budget has covered most gaps. Folks in advertising and marketing too seems to be quite pleased with everything drawn out by the FM in the budget for 2024. Here’s what the leaders of the industry have to say.
Sam Balsara, Chairman, Madison World said, “This was a vote on account budget, so no major proposals were expected or being announced. However, in view of all the positive government actions taken in the last 10 years, I would expect that our consuming class which is already at 450 million should go to 800 million in the next 5 years. Those who take a cue from this and invest heavily in advertising over the next few years to strengthen their brands will reap huge benefits over the next 5 years.”
Shradha Agarwal, Founder and CEO, digital marketing agency, Grapes said, “This year’s union budget has laid clear emphasis on prioritizing economic development by stimulating business growth and entrepreneurship following a vision of “Viksit Bharat” and a “prosperous India” by 2047.”
“The government’s initiative to provide adequate finances and advanced technologies to micro, small, and medium enterprises (MSMEs) is indeed a positive step toward their global competitiveness, which will, in turn, benefit the overall economy of our country. Also, there’s a notable reduction in the corporate tax rate. Existing domestic companies will now face a reduced rate of 22 percent, down from the previous 30 percent. This aims to boost business growth in India and enhance the competitiveness of the manufacturing sector, contributing to overall economic development,” she added.
“Additionally, the budget also allocates considerable attention to the development of modern infrastructure in all its forms—digital, social, and physical—opening up new opportunities for the advertising and marketing sector, particularly in the realm of digitalization,” Agarwal concluded.