Industry heads welcome Sitharaman’s ‘Balanced Budget’
While most industry heads have lauded the Bharat Net allocation and impetus to start-ups, some players say there is an absence of big gun announcements and feel-good measures
Finance Minister Nirmala Sitharaman presented the Union Budget on Saturday with the assurance to increase the income of Indian citizens and strengthen their purchasing power.
Highlighting the importance of innovations that disrupt established business models, she made a quantum jump by calling data as the new oil. The FM has announced that the government will soon roll out a policy to enable the private sector to build data centre parks throughout the country. Experts believe that such a special economic zone will surely help them connect with people in a more impactful way.
The budget has also introduced a new simplified personal tax regime. With new income tax slabs/rates and a tweaked exemption structure, the FM has slashed the tax rate for those in the Rs 5-15 lakh tax bracket. While a new tax regime has been put in place, those who want to be in the old regime with exemptions can continue to pay at the earlier rates.
The government has also acknowledged the role of entrepreneurs in creation of both capital and jobs in the country.
Experts believe the Budget has the scope to revive domestic economic growth that has slumped to the lowest in the decade. Boosting physical infrastructure, expanding digital connectivity and growing use of technology in government functioning are important building blocks for long-term growth of the Indian economy, they said.
Ashish Bhasin, CEO, APAC and Chairman India, Dentsu Aegis Network, says: “I think this is a good budget in some ways because it has attempted to put money in the hands of the middle class through rationalisation of tax rates as well as has concentrated on looking after the agricultural sector, including introduction of best practices like storage for producers and other measures. However, I do feel that the expectations from the budget were much more and it does feel like a bit of a missed opportunity.
While it is good to see that the dividend distribution tax has been abolished, I expected more on the rationalisation of direct taxes, particularly the cess introduced over and above the tax rates.
It is good to see efforts being made to encourage new-age skill development as well as helping the start-ups and what's particularly interesting is the proposal to set up data centre farms all over the country. This will prepare India for the economy of tomorrow. It is also good to see attempts at simplification of taxation through digitisation but the proof of the pudding will lie in seeing its implementation on ground.
It would be fair to say that at best it is a mixed budget and while there are some encouraging decisions, enough does not seem to have been done for the situation the economy is in.”
Coming to the entertainment and media industry, experts are happy seeing the big steps in the digital sector. Although there was no direct reference to the media and entertainment sector in Budget 2020, the focus on improving India’s digital connectivity has impressed Girish Menon, Partner and Head, Media and Entertainment, KPMG in India. According to Menon, the given importance to digital connectivity bodes well for the sector.
Nachiket Pantvaidya, CEO, ALTBalaji and Group COO, Balaji Telefilms, feels that the overall budget has been exemplary with equal consideration given to entrepreneurship, job creation and youth of the nation.
Pantvaidya has appreciated the step to promote digital connectivity through the BharatNet programme and connecting 100,000-gram panchayats through an optical fibre network. This is one more important step taken in the direction of achieving the vision of a Digital India where rural India gets placed on the digital map.
According to Anil Rai Gupta, CMD, Havells India, Union Budget 2020 has managed to address some key issues around infrastructure spending, electrification and affordable housing that present a significant business opportunity.
Rai, particularly, sees this having a positive impact on the roadmap for the electrical and building segment players. “Further, the allocation of Rs 22,000 crore to power and renewable sector and Rs 27,300 crore for the development of industry and commerce for the year 2020-21 will accelerate growth opportunities for the electrical industry.”
While Rai sees this as a pro-development budget for the electrical industry, Prashan Agarwal, CEO of Gaana, has also appreciated the efforts of the government.
Talking to exchange4media, Agarwal commended the efforts of the government to boost the digital ecosystem in the country. “The increased focus on improving connectivity under the Bharat Net scheme and the emphasis on Artificial Intelligence will allow OTT players to offer bespoke and personalized solutions to consumers,” he added.
E-Commerce platform Snapdeal CEO and Co-founder Kunal Bahl says: “Thankful to the FM for accepting the start-up sector's request for ESOP taxation reforms. Also, the higher time and turnover limits for carrying forward of losses for start-ups will enable them to optimise growth decisions in the formative years.”
According to Rohit Kapoor, CEO, OYO, India South Asia: “A grant of Rs 2500 crore for tourism promotion and the development of 5 iconic archaeological sites and museums in the country are bright indicators of the renewed focus of the government on the travel and tourism industry.”
Sahil Vaidya, Co-Founder & Director, The Minimalist, says: “It is sure that the government is heavily focused on becoming an entrepreneurial superpower.”
According to him, by investing in the MSME sector, the government’s support towards new companies will go a long way in producing high growth business. Furthermore, the tax waiver on ESOPs will enable more talent to place their bets at an early stage for disruptive start-ups, which have the potential to become the corporates of tomorrow.
Sameer Makani, Co-Founder and Managing Director, Makani Creatives, believes that Budget 2020 aims at the betterment of all sections of the society. “The key highlight is certainly the tax regime where the government has proposed alternative tax policies and new rates to benefit the taxpayers,” he said.
“The vision to improve the start-up scene in the country will help in creating more job opportunities and further ensure economic growth. The skill development programme will enable overall personality development in comparison to Budget 2019. MSMEs will experience a 71% rise over and above the budgetary allocation,” Makani added.
Talking on this aspect, Chetan Asher, Co-founder & CEO, Tonic Worldwide, said that this Budget makes him optimistic about the growth of the digital ecosystem.
“The Rs 6,000 crore allocation towards BharatNet will give last-mile connectivity the impetus that it needs and pave way for digital transformation at all levels. Allowing private players to build data centres and encouraging the production of mobile and network devices will complement each other in growing the ecosystem,” Asher said.
Apaksh Gupta, CEO, One Impression is thrilled that the government has recognized data as one of the driving forces of the economy.
"The digital industry thereby requires a solid approach towards data centres, allowing to create incredible content and streamline/automate processes. This policy will create tremendous benefit the digital growth of the nation," Gupta says.
On Budget 2020, Amit Doshi, Founder & CEO, IVM Podcasts says, for digital media to flourish in India it’s important that there be minimal latency when people are trying to consume content. A strong policy promoting local data centre parks is one of the critical steps needed to move into an instant on-demand world, he added.
As the CEO & CTO of a start-up, Silky Singh of Ripsey, also thinks that this budget is very beneficial for start-ups. "We are very happy that the government is encouraging early-stage start-ups by setting up a seed fund. We believe that data is the new oil and is elated to see the government focus on it."
While the budget perfectly takes care of the start-ups, taxpayers and digital players, it also contains several clauses to strengthen the tour and travel industry too. Shailesh Gupta, CEO, YOLO Travel Tech Pvt Ltd, feels that this Union Budget has some well thought out initiatives such as reducing income tax for individuals and providing emphasis on connecting India.
He has welcomed the Union Budget's emphasis on making the transport sector more conducive by proposing Rs 1.7 lakh crore for improving transport infrastructure and provisioning Rs 2,500 crore to develop the tourism industry.
The strategic initiatives such as development of the Delhi-Mumbai Expressway and 2 other corridors by 2023 is being hailed as a step towards increasing trade and commercial activities and providing a livelihood to hundreds of thousands of families.
With tourism being one of the fastest growing industries in our country, Zubin Saxena, MD and VP Operations, South Asia, Radisson Hotel Group, says Budget 2020 brings quite a few favourable announcements like 100 new airports by 2024, Tejas trains for iconic destinations and restoration of museums and these would definitely lead to a positive impact on the industry.
Manish Rathi, CEO & Co-founder, IntrCity by RailYatri, has applauded the focus and thrust on road transport with Rs 1.7 trillion allocated towards the transport sector.
“The accelerated development of highways and the Delhi - Mumbai expressway will enable the growth of intercity bus travel. We see a wider industry focus and excitement in intercity transport due to the steps taken in Budget 2020,” Rathi said.
Further, talking about the importance given to start-ups, Rathi said it was encouraging to see the government taking concrete steps to encourage growth in the ecosystem.
“The removal of Direct Dividend Tax will attract more investors and in turn strengthen the ecosystem. The introduction of the investment clearance cell at the Centre and State levels will encourage people in the remotest parts of the country to become entrepreneurs,” he said.
KE Ranganathan, MD, Roca Bathroom Products Pvt Ltd, believes it was a well-thought out Budget giving due importance to all 3 focus themes - aspirational India, economic development and a caring society.
As a right step, spending by the government has been stepped up substantially to boost demand for various sectors. “It's a good budget with clear focus areas to revive the GDP growth and make people of India live a happy life in 2020-21 and beyond,” asserts Ranganathan.
Sanjay Vakharia, CEO, Spykar Lifestyles, also feels that this was a balanced budget and delivered what best it possibly could offer. However, he said the big gun announcements that the industry was expected to stimulate the economy were missing. The absence of feel-good measures has left the budget falling short of expectations.
“The industry had requested the government to bring in measures that would grow demand and spur consumption. But besides a few changes to the personal income tax rates, not much is seen impacting the demand and consumption story”, Vakharia added.
Speaking on Budget 2020 Akshaara Lalwani, CEO and Founder, Communicate India, states that, "The budget is rightly woven around Aspirational India, and following its implementation, it will result in a wave of entrepreneurship in our country which has been the core of innovation."
Union Budget 2020 represent Modi's commitment to the development of women and protection of their rights and helping them overcome hurdles they face, said Lalwani.
While, according to experts, most industries received significant consideration in the budget, Shobhit Mathur, Dean at Rashtram School of Public Leadership, feels the government could have thought something better for the education sector.
“The announcement in the Union Budget of almost Rs 1 lakh crore for the education sector is most welcome. However, supporting research and innovation and increasing access to high quality higher education should be the priorities,” said Mathur.
The government should use the funds to set up a National Research Foundation (as suggested in the Draft New Education Policy) focused exclusively on improving research and innovation, he suggested.
In conclusion, we can say Budget 2020’s focus on start-ups and technology will be a boost to companies that are executing cutting edge design thinking to enable the best of digital products for a booming digital economy.
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Jackie Shroff moves Delhi HC alleging misuse of his name
The actor has complained against infringement of his trademark on the slang 'Bhidu'
Jackie Shroff has moved the Delhi High Court against the alleged misuse of his personality and public rights for the sale of merchandise, ringtones, GIFs etc., media networks have reported.
The actor has complained against infringement of his trademark on the word 'Bhidu', a Marathi slang he is often associated with.
Advocate Pravin Anand, who is appearing for Jackie Shroff, also informed the court about a restaurant being run with the name 'Bhidu'.
Justice Sanjeev Narula has issued summons to the defendants.
ShareBW CFO World honours top CFOs
The day-long event in the form of discussion and awards offered as a forum to engage with CFOs to exchange ideas and acknowledge their outstanding efforts
Strong financial strategies are the foundation of any company. As business models become more complex, the role of the CFO and other financial leaders is expanding. Their responsibilities go beyond bookkeeping – they’re now strategic partners. They analyse data and advise on critical business decisions, shaping regulations with a forward-thinking approach. CFOs act as catalysts, encouraging a financial mind-set across the entire organization, which fuels growth and prosperity
The summit was organised by BW Businessworld for CFOs, financial professionals and executives from many businesses will gather to discuss the latest trends, insights, and strategies affecting the finance sector.
To recognise and appreciate remarkable achievements and professional contributions, BW Businessworld is launching the 7th Edition of the top CFO Awards to honour the top CFOs, Controllers, Chief Audit, Company Secretaries and Treasury, among other valuable financial strategists. The day-long event took place at The Imperial, New Delhi.
Leadership In Financial Innovation: Charting The New Frontier
Leadership in financial innovation is akin to navigating uncharted waters, requiring vision, adaptability and strategic foresight. Pioneers in this domain not only anticipate market shifts but also actively shape them, pushing boundaries to redefine the financial landscape.The panellists Prabin Dokania, CFO, Goods and Services Tax Network (GSTN); Sameer Madan, Director Finance, Agilent Technologies, Suparna Banerjee Bhattacharyya, CFO, Schneider Electric Infrastructure; Vinay Dhawan, Director and Group CFO, Innovis Telecom Services and session chair: Resham Suhail, Editorial Lead, BW Disrupt discussed about the effective leadership which combines the technological acumen with a deep understanding of market dynamics, ultimately driving transformative change and shaping the new frontier of finance.
Cultivating Financial Resilience In Dynamic Markets
The panellis, Gaurav Kant, CFO, Shyam Spectra; Preeti Chheda, CFO, K Raheja Corp Investment Managers; Sanjay Upadhyay, Director Finance & Group CFO, Deepak Nitrite; Sushil Kumar, CFO and Whole-Time Director, GE T&D India and session chair: Arjun Yadav, Senior Correspondent, BW Businessworld discussed about the fast-changing markets, being financially resilient is key. It means planning smartly, adapting to change, and managing risks. By spreading out investments, saving for emergencies, and staying updated on market trends, you can handle ups and downs better. This resilience helps secure your financial future.
Ethics And Integrity In Financial Leadership
The panellists, Dharmender Tuteja, CFO, Dalmia Bharat & Dalmia Cement; Nikhil Sohoni, Group CFO, Blue Star; Richa Singh, CFO, Pernod Richard India; Rohit Nayyar, CFO, Wadwani Foundation and session chair: Savi Khanna, Correspondent, BW People discussed about the ethics and integrity are foundational pillars of effective financial leadership. Leaders in finance must prioritise honesty, transparency and accountability to ensure trust and stability in the financial realm. Upholding ethical standards fosters confidence among stakeholders, protects against fraud and ultimately contributes to sustainable business growth. By exemplifying integrity, financial leaders inspire ethical behaviour throughout their organisations, promoting a culture of honesty and responsibility.
Strategic Financial Leadership For Sustainable Growth
The Panellist, Mayank Holani, CFO, Indian Synthetic Rubber; Shekhar Sood, Group CFO, Bajaj Capital; Siddhartha Khaitan, Group CFO, Supply Chain & IT Head, Esme Consumer; Upma Goel, CFO, Piramal Enterprises; Vikas Wadhwan, CFO REA India & Business Head. PropTiger.com and session chair Sumedha Varma, Senior Director, SAP Concur discussed about the strategic financial leadership for sustainable growth is paramount in navigating today’s complex business landscape. It involves adeptly managing resources, foreseeing market shifts and aligning financial decisions with long-term sustainability goals. This approach integrates financial acumen with strategic vision, fostering resilience and adaptability. By prioritising sustainable practices and prudent investments, organisations can secure enduring growth while positively impacting society and the environment.
Empowering Decision-Making With Advanced Financial Analytics
The panellists, Bharat Agrawal, Director Finance, Diversey; Mahendra Lodha, CFO, Bloomsbury India; Saibal Sengupta, CFO, Orient Electric; Shridhar Toshniwal, Director Finance, CK Birla Healthcare and session chair: Reema Bhaduri, Editorial Lead, BW Businessworld, discussed about the significant role of advanced financial analytics in empowering decision-making within their respective organisations. They delved into how leveraging sophisticated analytical tools and methodologies can provide invaluable insights into financial data, enabling more informed and strategic decision-making processes.
AI-Powered Financial Decision-Making: Redifining The Role of CFOs
The panellists Deepak Rastogi, President Finance & Group CFO, Deepak Fertilisers & Petrochemicals; Jyoti Prakash Gadia, Managing Director, Resurgent India, P K Harihara Subramanian, CFO India, Cognizant Technology Solutions; Tanmay Kumar, Group CFO, Shiprocket and session chair: Meha Mathur, Senior Associate Editor, BW Businessworld discussed about the empowering decision-making through advanced financial analytics is pivotal in today’s complex business landscape. Leveraging data-driven insights, organisations navigate uncertainties, optimise resource allocation, and mitigate risks. This strategic approach fosters informed decisions, enhancing competitiveness and sustainability. By harnessing cutting-edge analytics, businesses unlock opportunities and drive growth in dynamic markets.
The panel discussions were followed by the award ceremony inaugurated by Dr Annurag Batra, Chairman & Editor-in-Chief, BW Businessworld & Founder, exchange4media.
Turtlemint pays tribute to insurance advisors who go above and beyond
The campaign 'Bharosa Jeet Liya' has been created by Tilt Brand Solutions
HDFC Mutual Fund highlights importance of long-term commitments in new film on SIPs
The film has been launched in over 1200 cinema screens across India
HDFC Mutual Fund has unveiled a film urging viewers to embrace sincere efforts for long-term fulfillment. The narrative unfolds as a young woman learns sign language to connect more deeply with her partner. This heartfelt story artfully intertwines the themes of determination and consistency, mirroring the essence of SIP investments, which rely on steadfast commitment over time.
The film, which has been launched in over 1200 cinema screens across India, coincides with the release of the highly anticipated Hindi biopic ‘Srikanth,’ starring Rajkumar Rao.
The film by HDFC MF serves as a testament to the notion that determination knows no bounds and can surmount any obstacle on the path to success. It eloquently highlights the initiative taken by the protagonist to bridge the communication gap, paralleling the disciplined approach investors can adopt through SIPs for long-term wealth accumulation and potential financial security.
Waaree Energies awards TV media mandate to Carat India
Carat will oversee the brand's television media across India exclusively
Carat India, a media agency under dentsu India, has been awarded the television media mandate for Waaree Energies Limited, manufacturer of solar PV modules with the aim to amplify its brand presence.
As per the mandate, Carat – the media agency from dentsu India, will oversee the brand's television media across India exclusively. They will also support in strategizing and planning other traditional media and buying for print, radio, and digital. Furthermore, OOH (Out-of-home) will be executed by Posterscope, the OOH specialist agency from dentsu India. Carat aims to enhance the brand's visibility across diverse media channels through its data-driven capabilities. We believe the agency is poised to develop innovative campaigns that resonate with the target audience, and aims to solidify Waaree Energies Limited's position as a renewable energy brand in the market.
The collaboration between Waaree Energies Limited and Carat exemplifies dentsu's dedication to advancing sustainability. We believe that this collaboration will underscore the network's commitment to fostering environmentally conscious solutions and driving positive change toward a more sustainable future.
According to Nilesh Malani, Chief Marketing Officer, Waaree Energies Limited, “Selection of Carat as our media partner is a choice intended to amplify our brand's impact and to contribute towards promotion of sustainable advancements in India. We have confidence in Carat India's ability to create imaginative and visually appealing campaigns that will help us connect with our target audience, thereby reinforcing our commitment to expediting the clean energy transition in India and facilitating positive transformations for a more environmentally friendly future.”
Commenting on the partnership, Anita Kotwani, CEO, Media, South Asia, dentsu, said, “It is an absolute privilege and honour to join hands with Waaree Energies Limited and contribute to their growth journey in India. This partnership marks a pivotal moment, where our expertise and dedication merge with Waaree Energies Limited’s vision and ambition. Together, we believe that we are poised to achieve milestones and drive growth, emphasizing our commitment to delivering quality in every aspect of our collaboration.”
Sanchayeeta Verma, CEO, Carat India, expressed enthusiasm, stating, “Waaree Energies Limited is one of India’s largest manufacturer of solar PV modules and a global player. We believe that it has an important role towards India’s net zero goals. At Carat, we are deeply committed to this as it is a vital priority in dentsu’s Business to Business to Society B2B2S goals. Moreover, we believe that our expertise will be pivotal in realizing Waaree Energies Limited's vision: delivering cost-effective sustainable energy solutions across the market. We are extremely delighted to come on board as ‘Partners on Record’ of Waaree Energies Limited.”
The collaboration between Waaree Energies Limited and Carat India, a dentsu company, underscores Waaree Energies Limited's commitment to advancing sustainability and contributing towards a cleaner future.
Nutrica challenges 'one-size-fits-all' approach towards cooking oil in new campaign
Conceptualized and developed by GOZOOP Group, the campaign consists of six commercials, OOH, print, in-shop and other digital assets
Edible oil manufacturing company, BN Group unveiled a new campaign #JaisaGharWaisaCookingOil for its newly launched retail brand - Nutrica. Conceptualized and developed by GOZOOP Group, the campaign consists of six commercials (TVCs), OOH, print, in-shop and other digital assets.
With a strong faith in the philosophy of, ‘not one size fits all’, the campaign spotlights the requirement to opt for a cooking oil which facilitates fulfillment of specific health goals. Three product films further highlight the benefit of each variant i.e. Nutrica Pro Immunity Oil, Nutrica Pro Energy Oil and Nutrica Pro Fitness Oil using key distinct real-life insights.
Sharing his insights into the campaign, Kiran Giradkar, Chief Marketing Officer, BN Group shares, “Nutrica is a lifestyle brand that recognizes and honors the individuality of your family's health and wellness needs. With our #JaisaGharWaisaCookingOil campaign, we're attempting to question the status quo and bring some excitement in the otherwise very serious category. The communication developed by GOZOOP Group breaks the mold and infuses fun to cut through the clutter. We intentionally stayed away from showing those done-to-death visual cues like a kitchen set up, pouring of oil and those dinner table smiles. We hope our communication will travel seamlessly to make a healthier lifestyle a matter of pride for every household.”
“Here we had a range of oils, all with specific benefits”, said Mohit Ahuja, President, GOZOOP Group. “Rather than just highlight these benefits, we thought it would be nice if a distinct need for each can be shown through examples of human behavior. The creative team has done that beautifully. The humorous tonality of the thematic ads further #BreaksTheBox in the category,” he further added.
The digital commercial enlightens audiences on three key aspects of well-being namely immunity, energy and fitness. The film is being made available in six languages - English, Hindi, Marathi, Bengali, Kannada, Tamil, Telugu, Malayalam and will run on social media platforms as well as television for sustained communication.
Clovia gets Manushi Chhillar as brand ambassador
Manushi Chhillar features in the brand’s latest campaign ‘Coffee to Club with Clovia’
Clovia has announced former Miss World and actor Manushi Chhillar as its newest brand ambassador.
Manushi Chhillar takes centre stage in the brand’s latest TV ad campaign themed around ‘Coffee to Club with Clovia’. The actress will be seen as the face of the brand in a 360-degree campaign spanning OOH, Digital media and TV.
The TVC campaign revolves around the idea of Clovia being a supportive companion for women during all of life's adventures and moments, both grand and intimate, akin to a caring friend. The film's story follows Manushi Chhillar’s candid conversations with her friend and highlights Manushi’s spontaneous & adventurous personality as she juggles her plans for the day.
Commenting on the announcement Neha Kant, Founder said, “At Clovia, we believe lingerie should empower women to live life to the fullest instead of holding them back with discomfort or insecurity. Our connection with our customers extends beyond mere products; we promote values of happiness in life by being financially independent, working hard & loving yourself. Manushi embodies all these with the confidence of a champion. Her inspiring journey to making her mark in the tough world of Bollywood resonates deeply with Clovia. We were delighted to welcome her onboard. After all, smart girls do choose Clovia.”
On the association, Manushi Chhillar said, “I am elated to associate with Clovia; a brand that believes in propagating happiness and it truly resonates with my ideology. My journey also symbolizes that life is what you make it through perseverance and unapologetic pursuit of your passions. Together with Clovia, we hope to inspire women to embrace their uniqueness, to own their narrative, and to redefine what it means to be beautiful, inside and out.”