The Budget needs to be people-friendly & growth-oriented: Anand Bhadkamkar
As the country gears up for the presentation of the Union Budget 2020-21 tomorrow, February 1, Anand Bhadkamkar, CEO, Dentsu Aegis Network India, echoes the views of the advertising as to their expectations from the Budget.
“Expectations from any government budget is always to seek an impetus for growth; and the current Government’s actions over the past six months do show that it is trying its best to induce that growth.
I am expecting the Budget to be more people-friendly, sternly growth-oriented and decisively focused on investments into infrastructure and developments. I also expect to see a lot more push for Make in India initiatives, thereby providing stimulus to the manufacturing sector and thus, creating growth opportunities for MSMEs – perhaps through Tax Holidays and/or beneficial taxations.
As far as advertising is concerned, it’s a prerequisite that consumer sentiments move north. Advertising leads the way when the economy starts growing. Consequently, I hope the Budget provides better personal taxation benefits which, in turn, should help bring in more cash into the taxpayers’ hands, leading to an increase in their ability to spend. Industries such as FMCG, automotive, e-commerce and BFSI are key contributors to advertising spends and I expect these categories to benefit from the impending Budget.
At present, we need this growth stimulus and an upward direction from the Budget. I expect simplification on the tax compliance requirements with further digitisation and transparency in the functioning of the tax department. This Budget must offer an opportunity to send across the right message. It must generate a strong belief in India’s growth aspirations and drive further investments across the country.”