Budget is growth-oriented, future-focused: Kartik Sharma

Finance Minister Nirmala Sitharaman presented a progressive Budget, which, she said, hoped to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100. While delivering her Budget speech, the Minister said that in the 75th year of India’s Independence, the world has recognised the Indian economy as a “bright star”. “Our current year’s economic growth is estimated to be at 7 per cent. It is notable that this is the highest among all the major economies,” she added.

Sitharaman further said that the Indian economy has increased in size from being the 10th to the 5th largest in the world in the past nine years, with per capita income more than doubling to Rs 1.97 lakh in around nine years.

As per Budget 2023, ‘Effective Capital Expenditure’ of the Centre has been pegged at Rs 13.7 lakh crore.

Kartik Sharma, Group CEO, Omnicom Media Group India:

“Building upon the momentum of the year gone by, India’s 2023 Budget is growth-oriented, future-focused, and abundant with reforms across all aspects of the economy.

At a time when all eyes are on India – poised to grow and thrive despite the looming economic slowdown, the standout for me is the strong thrust on Capex. The massive increase on this front shows the government's commitment to boost infrastructure, industry-agnostic productivity, and the overall economy.

In keeping with its focus on inclusive growth, it is welcoming to see the Budget checking the box for people from many walks of society and offering a strong and stable macroeconomic environment for all. There is positive relief on the personal tax front – making it a friendly budget for the common man. And the increase in the taxation slabs itself is a well-concerted attempt to move people to the new tax regime, expected to benefit millions of middle-class citizens in good time.

Giving impetus to the digital economy and transformation continues to be a key focus, with new frontiers of innovation like Artificial Intelligence propelled front and centre – to galvanise its application across sectors ranging from agriculture to learning and others. The narrative for accelerated transformation is also evident across the education sector, with a heightened focus on upskilling the nation’s youth in new-age skills and courses like AI, Robotics, IoT, and more.

Furthermore, in addition to a lot of growth-focused benefits for rural, agriculture, and education, sectors like green energy, artisanal crafts, and even tourism – which has been impacted heavily over the past few years of Covid – have been given their due.

As companies earmark their Capex, advertisers will have their eyes set on these new policies and go forth with buoyancy in their minds. As a result, AdEx, too, is expected to do well for the year.

In conclusion, the overall budget is a progressive one to widen the country’s horizons and further strengthen India’s economic order on the global stage.”

Arvind Mittal, MD & CEO, Mouli’s Advertising Service:

“The Budget 2023-24 continues to maintain the stance which the Government had undertaken for the last couple of years for adding enough stimulus for economic growth.

Encouragement to manufacturing, availability of higher disposable income to all, lowering of taxes, increased opportunities to skill, get employment and spend all augurs well for the growth momentum.  There are enough provisions to increase investment in business.

When the consumption increases there would be a propensity on the part of businesses to promote their services and product, which will lead to increased spending on publicity and outreach.

In addition to this all there are enhanced budgetary allocation to various public welfare schemes and introduction of new mass welfare schemes. Since the government uses dissemination of information as a tool for the public empowerment so that the public at large can avail of the benefits from the Government Schemes & Programs, there will be increased spending by the Government, too, on mass outreach and publicity.

This all sounds like music to anyone and everyone in the publicity and advertising industry. I feel, this budget will not only rejuvenate, but will also allow the publicity industry to grow strong and earn substantially.”

Gaurav Arora, Co-Founder, Social Panga:

“It was a wholesome, Saptarishi budget presented by our Honorable Finance Minister, Nirmala Sitharaman, addressing all the fundamental points and inclusive development model, necessary for overall economic growth. Enhancement in capital expenditure and improvisation of social-economic reforms of tribal communities are positive steps towards the upliftment of the economy. Prioritising green growth and digital libraries for children and adolescents brings in major shifts in outlook and focus towards a green economy and young India. The Union Budget 2023 was a fresh breeze ushering into futuristic developments.”