What does the marketing fraternity expect from today's Budget
From more push for digital sector to regulation of foreign players, marketing & advertising leaders share their Budget wishlist
The finance minister is all set to present the Union Budget today. Businesses across sector will keep a keen eye on the announcements, expecting some benefits in this election year. The corporate sector, too, has its own expectations.
We caught up with marketing and advertising leaders to understand what they want from the government this year.
Strengthening of digital infrastructure: Rohan Mehta, CEO, Social Kinnect
The government's efforts in making India more digital are speeding up. While digital penetration has seen a promising growth in India so far, we have seen a particularly significant increase in the adoption of digital platforms across tier-I and tier-II cities. To further this growth, I hope to see the following in this year’s Budget:
1. Provisions to encourage and upgrade digital infrastructure and digital literacy to ensure rural India becomes the connected mass.
2. Commitment towards research, training and skilling in robotics, artificial intelligence, digital manufacturing, big data analysis, quantum communication and IoT.
3. Transparency in financial exchanges and tax collection.
4. Plan and budget for provision of WiFi spots and seamless network to connect remote areas and villages.
More attention to advertising industry: Shrenik Gandhi, CEO & Co-Founder, White Rivers Media
The advertising industry is directly dependent on the economy and grows or de-grows in proportion to the changes in the economy. Any structural reform that benefits the economy is welcome. An increase in income tax limit shall save entry-level advertising professionals from tax burdens and this will help them become more mature before starting a life-long tax paying habit.
Further, we hope that the government continues to help the digital industry flourish. Advertising industry is one of the few industries which induces purchase for most other industries, effectively helping customers find better at a micro level, and help the economy grow at a macro level. Hence, the industry must be taken better care of.
We hope the government takes a slightly more positive stance towards crypto and creates policies that shall help take benefit of the crypto ecosystem and drive away the negatives.
New policies that would increase ad expenditures: Arvind Jain, CEO NetBiz
The digital advertising spends are expected to grow at 32 per cent CAGR to reach Rs 24,920 crore by 2021. As of today, 16 per cent of the marketing budget is allocated to digital advertising, which is an improvement from the initial years. Like last year, the government should focus on new advertising policies that will see advertising expenditures increase across sectors, which will help brands reach more audience and make the most of their advertising campaigns.
Alok Gupta, Director, Graphisads: Reduction of GST to 12%
Outdoor has a good scope for growth and can complement government’s smart city initiatives. It can see growth in the coming years if certain measured can be planned in a better way. The government has kept the GST in the 18 per cent slab for outdoor, which should be reduced to 12 per cent to provide impetus. This will help the OOH media compete with other mediums.
Higher purchasing power for consumers: Sahil Gilani, Director, Sales & Marketing, Gits Food
The Budget is hopefully expected to provide MSMEs with better access to credit, while effectively bringing down their cost of funds at the same time. The Budget needs to mean higher purchasing power for the consumers. Also, a reduction in income tax slabs will bolster the FMCG sector. The rural FMCG sector is also expected to witness a boost due to increased Government spending. More money in the consumers’ pockets reinforces the FMCG sector.
Regulation of foreign players: Mayank Bhangadia, Roposo CEO & Co-Founder
With a high number of foreign players entering India, it is important to safeguard the interests of Indian consumers as well as Indian companies. The interim Budget should showcase a vision for it. It should include how the government plans to regulate these foreign players and further provide economic relief to domestic players in order to create a level-playing field. Along with that, it is important for us to know about the implementation of WiFi hotspots as proposed in the Budget last year.
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