FM Nirmala Sitharaman has announced the Interim Budget or the ‘Vote of Account’ for 2024 today. The Lok Sabha elections, which will be held between April and May, will see the newly elected government present the full budget for FY25. Here’s what leaders in advertising and marketing thought about the inclusions.
Ambika Sharma, Founder & MD, Pulp Strategy said, “The Union Budget 2024 has presented a groundbreaking roadmap for India’s digital transformation, bolstering the IT and internet landscape across the nation and expanding connectivity. This translates to more opportunities for businesses to thrive in the digital realm and captivate audiences with potential for greater outreach. The budget’s attention to skilling and training programs for media and entertainment professionals is a game-changer, nurturing a highly skilled workforce that can deliver awe-inspiring content and consumer experiences.”
“Additionally, initiatives such as tourism promotion and rural development have the potential to boost advertising demand. The Union Budget 2024’s focus on fostering innovation and entrepreneurship through tax benefits, credit guarantee schemes, and fund launches creates a fertile environment for startups and MSMEs to thrive and make a positive impact in society. The budget also highlights the importance of the media and entertainment industry in promoting India’s culture and soft power worldwide, tapping into the power of technology to create immersive experiences, showcase the beauty and diversity of India, and drive meaningful change in society,” she added.
Sundееp Rana, co-foundеr of mobile advertising agency, NеtSеtGo said, “The interim budget provides hope for the advertising and marketing business. With the economy expected to grow at a solid pace of 6-6.8% next fiscal year, advertising spending is anticipated to rise across industries.”
“However, I would have liked to see more direct incentives or policies aimed at further strengthening the ad industry. For example, tax benefits for digital advertising spends or lowering GST rates on creative and media services could have provided a boost,” he added.
“That said, the overall growth oriented approach, with a likely rise in consumption on the back of income tax tweaks and infrastructure boosts, should translate into more marketing budgets. Sectors like retail, consumer durables, e-commerce etc. where ads play a key role, are expected to see continued expansion.
I believe digital advertising will be a key beneficiary, given the rapid internet penetration. As more tier 2/3 audiences come online, digital ad options beyond traditional media will open up. So while not a budget directly focused on advertising, the implied backdrop of a continued economic growth provides room for advertising and marketing to flourish across media platforms – be it print, TV, digital or out-of-home,” said Rana.