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Finance Minister Nirmala Sitharaman will be tabling the union fiscal budget 2022-23 today in the parliament, amidst the third wave of the Covid. The fourth budget of the Modi 2.0 cabinet is expected to have a strong focus on accelerating India's pace of recovery from the pandemic by strengthening the healthcare system and also boosting the capacity of Indian businesses, which are wanting the budget to give a strong push to small and medium enterprises along with tax reliefs.

Several industries are also expecting the government to put more money in the hands of the consumers to sustain the struggling businesses. Heres an overview of what the advertising and marketing industry expects from today's Budget.

The A&M industry is expecting a big push to the ever-growing digital ecosystem along with tax reductions for struggling sectors like print and OOH that have been badly impacted by the pandemic and the many lockdowns in the past two years.

As shared by FCB Ulka Vice-Chairperson Nitin Karkare, The role of the advertising industry is to help our clients in their demand generation endeavours. The pandemic has adversely impacted demand, especially at the middle and the bottom end. This is apparent from the divergence in just one sector. While the demand for passenger vehicles is robust, the demand for 2 wheelers is sluggish. There are such examples across sectors. Any intervention from the Government in the budget to boost demand would be welcome. As it would have a multiplier impact in terms of increasing capacity utilization, in turn increasing the private investment, which would fuel employment and consequently boost demand.

The industry is also expecting some support for the MSMEs that can not only contribute immensely to the economy but will also help ease the migrant crisis giving people employment opportunities closer to home. People will look for more cash/sources of livelihood closer to home. The migrant crisis of 2020 showcased a great opportunity to create economic hubs closer to hubs of labour availability; whether by backing MSME growth or macro industrial growth, and investments in skilling, highlighted dentsu India Chief Client Officer Narayan Devanathan.

According to Ajay Mehta, Founder and MD, Interactive Television (iTV) and MD, Kinetic India, the OOH industry has been deeply impacted by the pandemic and a package specifically for the sector would go a long way in reviving the businesses. The OOH industry suffers a lot of problems because local bi-laws and regulatory bodies who govern this media differ from state to state, market to market. Some sort of standardization across the country - One Country, One Law - will help advertisers invest in this medium with confidence. I dont think all this can happen in the Budget but some direction will help in eventually moving us to a One-Window Clearance kind of system.

Neeraj Sharma, VP, Globale Media further batted for the crypto industry as he noted, Crypto is going to fuel the next version of the internet, Web 3.0. Plus there are multiple other digital assets like NFTs, etc which will help India create a strong base on its journey towards becoming a $5 trillion economy,

Additionally, with digital advertising growing at an unprecedented rate and the whole ecosystem evolving on a global scale, the leaders from the digital side of the business are hopeful that the upcoming budget will strengthen the space.

Zoo Media & FoxyMoron Co-founder Suveer Bajaj quipped, This year's budget is anticipated to be indexed towards startups, MSMEs, infra projects, and affordable housing. This means that borrowing and investing will both become more accessible and we will see a number of new Indian unicorns. Of course, this will promise increased spending on digital with a host of organizations leveraging these movements. The number of EV advertisers sees promising growth with continued support to the sector.

Overall, the industry is expecting tax reliefs for the sector and the consumers alike, ease in inflation, and a strong push to the MSME sector for robust growth in the year.

According to the economic survey 2022, tabled by Sitharaman in the parliament yesterday, the countrys economy is already in a good position and rising strongly from the attacks of the pandemic. The survey forecasted growth of 8-8.85 per cent in the GDP.

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Union Budget 2022 today: What M&E industry expects - Exchange4Media