Post Budget Reactions - Marketers on Budget 2018

As we see the marketing landscape evolving day by day in India, brands- be it electronics or FMCG- have given a thumbs up for Arun Jaitley led Budget 2018 terming it as ‘balanced and people oriented’. The focus on improving rural electrification and well- being is the most applauded subject which paves a way for the marketers to reach out to the remotest place in the country.   

Budget 2018- What it entails for the marketers? 

Rakesh Khanna, CEO Orient Electric

 “This was a balanced budget with focus on rural development, housing, health and infrastructure in line with the Government’s long-term economic vision. While the budget gave relief to MSMEs with turnover up to INR 250 crore, it failed to address the Corporate tax rate issue for larger corporates. The budget reiterated the focus on rural development which we believe will provide an opportunity for the electrical industry to work with the government. Also, the government’s proposed plan to create a dedicated affordable housing fund in line with its plan of providing housing for all by 2022 is good news for the allied segments. Another welcome move is the announcement of identification of 372-point plan on ease of doing business which will attract investments and improve the overall business climate.”

Krishna Rao, Category Head, Parle Products

The budget is fair and balance and also people oriented and have given various sops to the direct taxes payers. From a global perspective,  it can seen as far more Prudent budget. If we look at various initiatives we have rural initiative which is very robust and focused. From an individual or direct tax payer perspective, the standard deduction has increased to 40,000 rupees from 20,000 Rupees we will also help to keep more cash in the hands of consumers. Also, this time they have more focus on senior citizens in terms of pension. Overall, it’s a fairly balanced and very prudent Budget.

It would like to rate it 7.5 out of 10. 

Manish Sharma, President and CEO, Panasonic India & South-Asia; President, CEAMA

ACE industry welcomes the Budget, particularly the push for local manufacturing of Mobile Phones and Consumer Electronics by increasing Customs Duty on imported products and components, a move that is consistent with the government’s Make-in-India initiative. The focus on improving rural electrification and well-being through the National Livelihood Mission will stimulate rural demand for electronics and appliances in the short to medium term meanwhile, a sustained development can be ensured through the focus on Smart Cities. The MSME sector, which forms the backbone of the electronics industry will benefit from reduction in corporate tax from 30% to 25% and the allocation of ~Rs 3,800 crore for the development of the sector will translate to strengthening the electronics eco-system at large. Further, doubling of allocation towards future technologies such as IoT, Robotics, etc. are encouraging as these rapidly growing technologies are likely to impact our industry as well.

 Amit Gujral , Chief Marketing Officer, LG Electronics,India

The Budget undoubtedly is a ‘people’s budget’, favouring the rural populace, which is the backbone of the Indian economy. Government’s focus on transforming India into a Digital power with its roots in promoting innovation ecosystems, smart technology, robotics , IoT and artificial intelligence is commendable. It is good to see that there has been a significant push to boost the ‘Make in India’ initiative. Our heartiest congratulations to the Government for focusing on healthcare, infrastructural development and further investing in Swacchh Bharat Mission.

Bhavish Aggarwal, Co-founder & CEO, Ola.

The budget is progressive, balanced and forward looking with a well-defined focus on Digital India. Ola is already a partner to some of the Digital India initiatives. Allocation of INR 3073 crore towards Digital India is a significant leg-up. The thrust provided to tourism with the  commitment of creating iconic tourist spots, investment earmarked for transport infrastructure, progress made on Smart Cities and creation of more than 5 lakh Wi-Fi hotspots in India is truly welcome. Overall, it is a balanced budget which will further strengthen India’s position as a leading world economy with good livability index and business environment