Allow news, ad support from Govt: Nisha Narayanan’s Budget 2023 wishlist for Radio

As Finance Minister Nirmala Sitharaman gets ready to present the Union Budget for 2023-24 on February 1, the industry is hoping for measures to be announced that will fuel overall economic growth. Budget 2023-24 is an important one as it comes a year ahead of the Lok Sabha elections in 2024, and also as it comes amid a global slowdown and several geo-political tussles.

While 2022 was a year of recovery after two years of Covid disruptions, the industry is looking forward to consolidating the gains from 2022 this year and witnessing growth across sectors.

Speaking to Adgully, Nisha Narayanan, Director & COO, RED FM and Magic FM, said, “Fair and equal advertising support from the government is the need of the hour for the Radio industry. Despite the reach provided by radio stations, government spending on the medium has not grown in recent years. More so, the advertising rates have been stagnant for a decade now.”

Narayanan asserted that the radio industry needs a level playing field to exist in the same space as the digital ecosystem. This can be achieved by allowing news and current affairs on the radio, encouraging more players to enter the industry, and making it less monopolistic. In order to expand and reach out to new markets, the government must invest in boosting radio infrastructure.

Adding further, she said, “The government should permit radio players to network, resolve music royalty issues, and create an IT policy for streaming digital content with 69 stations across the country. With the right policies and support, radio has the potential to remain a vital medium for reaching a mass audience and providing valuable content while also creating a level playing field in the current business and economic environment.”