Union Budget 2022-23: Reactions from Advertising, M&E and PR

Anurag Bansal, Chief Operating Officer & Chief Financial Officer, DDB Mudra Group:

“This Union Budget looks neutral, with no major changes in taxation. The launch of Digital Rupee based on blockchain technology is a big move to bring in official cryptocurrency in India. New e-passports with embedded chips would definitely ease overseas travel. Managing fiscal deficit while pushing for growth and investments is a great balancing act taken on by the government. It will give a boost to capital investments and infrastructure development.”

Kunal Lakhara, CFO, Pocket Aces:

“This budget has paved the path towards reviving the economy with the decision to keep the fiscal deficit pegged at 6.4% of GDP in 2022-23. The tax benefits offered for start-ups, by extending tax redemption for another year is much appreciated and will further encourage the start-up ecosystem of the country to grow and sustain their businesses while recovering from the pandemic. The start-up sector growth coupled with the promotion of AVGC is bound to create a multiplier effect for the economy through the creation of jobs and overall increase in GDP. Launching our own digital currency using blockchain and other technologies is a welcomed move. Providing support under the PLI scheme for 5G is another step in the right direction and will help enhance the content consumption experience. Overall, the Union Budget 2022-23 is clearly a step towards a successful future and a significant milestone in the growth story of the country.”

Shalu Jha, Co-founder, PRandit Solution:

“Despite tech-enabled development being announced as one of the key focus areas of this year’s Budget, it was disappointing to note that no major announcements were made with regards to technology proliferation and promotion in the media or media-tech segments of the country. The Budget was also mostly silent on the communication-oriented service sectors – which also shocked us. However, The FM’s announcement on the extension of existing tax benefits for start-ups by one more year is a welcome move and comes as a big relief for start-ups that are still bearing the brunt of the ongoing pandemic. I am also happy to note that the incentivisation and encouragement for the digital economy continues with this year’s Budget announcements.”