Mumbai: India's anticipation for Budget 2024 is palpable, resonating across diverse industries. From digital pioneers envisioning a tech renaissance to entrepreneurs seeking support for AI advancements, the expectations weave a narrative of innovation, growth, and strategic budgeting.
As the nation braces for economic direction, stakeholders in media, advertising, marketing, technology and martech share their hopes, emphasising the pivotal role of the budget in shaping the trajectory of their respective landscapes.
Following are the quotes from various business chiefs:
Pulp Strategy founder and MD Ambika Sharma
I have my sights set on a digital renaissance, not just a fiscal one. We at Pulp Strategy envision a landscape fortified by robust cybersecurity infrastructure, safeguarding the data that fuels our industry. Alongside this, a renewed focus on local media and advertising unlocks a tapestry of diverse voices, enriching audience engagement. The infusion of AI and automation promises to streamline operations, paving the way for more sophisticated storytelling. Adding to this I hope there would be potential for tax breaks and incentives – a catalyst for innovation and entrepreneurial spirit. This budget should be about empowering the creative minds who will sculpt the future of India's digital narrative.
Media Care Brand Solutions director Yasin Hamidani
Anticipating steady growth, the advertising and marketing sector, fueled by a digital and eco-centric focus from last year's budget, is set to expand. The momentum in digitisation and sustainable practices indicates a dynamic shift. As technology advances, the marketing & advertising landscape is poised to venture into burgeoning mediums like AR, VR, AI & CGI. Regardless of specific industry impacts, the surge in digital economy emphasis forecasts a rise in marketing and advertising.
Serial entrepreneur, Assiduus Global Inc founder and CEO, LP angel investor, Govt of India advisor Dr Somdutta Singh
Here's one that's clear: digital advertisers are poised to leverage AI and new metrics in the digital landscape that's evolving everyday. Their goal will be to optimize budgets, especially considering there will be a surge in prices during the upcoming busy political campaigning season. Ultimately, the focus will be on ensuring meaningful connections with customers within the digital space.
Marketers, publishers, and adtech partners will be on the lookout for more profound indicators of engagement. This includes attention metrics, which provide a nuanced understanding of how users interact with content. This shift is being driven by a desire among marketers to adopt more impactful and effective advertising strategies. Moreover, there is an urgent need to strengthen the budget allocated for enhancing India's digital infrastructure.
Tagglabs founder Hariom Seth
1. Improved HPC access: AI startups face challenges with computer access. The budget could establish affordable public cloud HPC infrastructures.
2. Local datasets creation: AI requires ample data, and the budget could support building relevant datasets for India. Global data may not grasp our issues or adhere to our rules.
- Ensure strict rules for data handling.
- Local data enhances AI tailored for India and ensures ethical usage.
3. Skill development support: India lacks AI knowledge. The budget could allocate funds for training, scholarships, and partnerships, even in remote areas.
4. AI application in key sectors: Allocate funds for AI research in vital sectors like farming, banking, and healthcare.
5. Promoting AI adoption: Provide incentives like tax breaks and public-private partnerships to encourage AI use across sectors.
6. Ethical AI practices: Support ethical AI development through training and awareness campaigns.
Additional points:
- Increased startup funding: Allocate more funds, especially for early stages.
- Conversational AI focus: Emphasise conversational AI, such as Siri.
- Encourage collaboration: Promote partnerships among companies and assist startups with significant costs.
NеtSеtGo co-foundеr Sundееp Rana
A well-structured budget can play a pivotal role in streamlining IPO processes and fostering investor confidence in startup exits. Allocating resources judiciously ensures regulatory compliance, transparency, and legal adherence during the IPO journey. Moreover, budget provisions for effective investor communication, marketing, and technology infrastructure signal professionalism and commitment, enhancing investor trust. Talent acquisition and retention, backed by budgetary allocations, contribute to a capable team ready to navigate the complexities of an IPO. In essence, a carefully planned budget not only facilitates a smoother startup exit but also instills confidence in investors, showcasing the company's dedication to governance and operational excellence.
Social Pill co-founder & head of digital media Neelesh Pednekar
In anticipation of the Union Budget 2024-2025, the advertising, marketing, and experiential marketing industries in India are focusing on industry-specific expectations, particularly in the context of the digital economy's Compound Annual Growth Rate (CAGR). Stakeholders are hopeful for supportive measures within the budget that will foster growth, innovation, and competitiveness. A significant point of discussion revolves around the potential introduction of the digital services tax (DST), a long-debated issue that could impact multinational tech giants operating within the country. With the explosive growth of e-commerce and online payments, there is a pressing need to reevaluate taxation related to online transactions, possibly leading to amendments in the goods and services tax (GST) to accommodate and bolster e-commerce in India. Additionally, stakeholders are speculating on the possibility of tax concessions in advertising and marketing, potentially prompting brands to increase their budgets in these domains. Furthermore, the budget might introduce taxation on influencer marketing, aiming to bring this emerging field under the formal economic umbrella.
Sirona Hygiene CEO & co-founder Deep Bajaj
At Sirona, we acknowledge the pivotal role that effective budgeting plays in shaping our strategic approach and ensuring the realisation of our business objectives. In navigating the dynamic landscape of marketing, advertising, and technology.
The marketing strategy is intricately woven into the understanding of market trends, consumer behavior, and the evolving needs of the target audience. Through meticulous budget planning, the objective is to allocate resources efficiently, leveraging both traditional and digital channels. This approach enhances brand visibility, engages our audience, and propels sustainable growth.
In the realm of advertising, Sirona places great importance on the creation of compelling campaigns that resonate deeply with our audience. A well-structured budget empowers us to invest in creative content, strategic media placements, and targeted advertising. By remaining adaptable and data-driven.
Embracing technological advancements is integral to the business model, and the budgeting approach reflects this commitment. Resources are allocated for the adoption of innovative technologies that enhance operational efficiency, elevate customer experience, and fortify data security. To remain steadfast in the dedication to staying at the forefront of technological trends to maintain a competitive edge in the industry.
The budgeting process is designed to be transparent and adaptable, allowing everyone to respond promptly to market dynamics, emerging trends, and unforeseen challenges. Regular assessments and performance evaluations enable one to make informed decisions, refining our strategies for continued success.
Almonds Ai CEO and co-founder Abhinav Jain
In Budget 2024, we hope for policies that nurture India's tech innovation ecosystem. We need increased investments in R&D initiatives, particularly in areas like AI, robotics, and advanced materials. Additionally, incentives for attracting and retaining skilled tech talent through tax breaks for skill development programs and simplified visa processes would be greatly appreciated. The budget should act as a catalyst for India's burgeoning startup ecosystem. We urge the government to consider easing regulations for startups, simplifying the funding process, and creating avenues for easier access to angel investors and venture capital.
