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. Harsha Razdan, CEO- South Asia, Dentsu talks about the prioritisation of the Budget, digital empowerment and more.
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“I’m pleased to see that the government’s budget priorities include simplifying processes through digital empowerment. While we await the full budget, the interim one signals a commitment to nurturing strategic long-term investments and inclusive growth. The investment focus towards Infrastructure, Start-ups, Tourism, Women Empowerment, and Green Energy should stimulate consumption, boosting the economy and advertising expenditure. The budget also heralds a promising era for companies leveraging AI and market technology to drive a technology-driven economy,” he said.
“The focus on digital connectivity promises fresh avenues for innovation and expansion within the industry. The projected economic growth of 6-6.8 percent in the next fiscal year will continue to drive consumption and better advertising spending across diverse industries. However, the Industry was hoping for additional measures to boost rural consumption, and that could dampen advertising spends to an extent,” added Razdan.
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