News industry experts look back at one year of demonetisation
It has been one year since the Modi Government introduced its demonetisation drive in India. The policy decision taken to curb black money in the society and also fast track the country’s move to digital payments is most remembered for the haunting images of people standing in long queues outside banks and ATMs in search of elusive cash. Overnight, 86 per cent of the country’s currency, especially 500 and 1,000 denomination notes was rendered invalid.
We at Adgully have been following up with industry stalwarts on the impact of the demonetisation drive across media, marketing and advertising. Print, broadcast, radio and digital players have reminisced about how the initial days after demonetisation were, analysed the short term and long term impact, how they coped with the challenges that cropped up and what the industry did to tide over the impact of demonetisation.
Adgully spoke to a few news broadcasters to know more about the impact of demonetisation on the overall economy as well as on the news broadcast front…
He further noted that while the spends started to normalise in the first quarter of FY20 17-18, implementation of GST at the beginning of the second quarter had its own impact on supply chains which, in turn, impacted ad spends. At the same time, he said that the Diwali spends have been good and the market is showing positive signs across sectors.
“Everyone had a tough Q4 FY2016-17, but Q1 of FY2017-18 picked up on the back of the Union Budget, before GST came in July, when things were hit again. So, one needs to really wait and watch how the new taxation system really pans out, with several changes being introduced since its implementation four months back,” Chakraborthy remarked.