Nirmala Sitharaman, the Financial minister announced the Union fiscal budget 2022-23 in the parliament, in between the third wave of the Covid.
The fourth budget of the Modi 2 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 encouraging the capacity of Indian businesses and also budget to give a strong push to small and medium enterprises along with tax aid.
Several industries are also expecting the government to put more money in the hands of the consumers to support the struggling business. The A&M industry is expecting support to the growing digital ecosystem along with tax reductions for fighting sectors like print and OOH that have been impacted by the pandemic and lockdowns in the past years.
FCB Ulka Vice-Chairperson Nitin Karkare told that “The role of the advertising sector is to help our clients in their demand generation efforts. The pandemic has badly impacted demand especially at the middle and the bottom end. This appears from the diversification of one sector.
While the demand for passenger vehicles is strong and the demand for Two-wheelers is stagnant Any interference from the Government in the budget to increase demand is encouraged as it would have a multiplier effect in terms of increasing capacity utilization, in turn increasing the private investment.
The industry is also expecting support from the MSMEs that can not only contribute largely to the economy but will also help ease the migrant crisis giving people employment opportunities “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 labor availability; whether by backing MSME growth or macro industrial growth and investments in skilling,” highlighted Dentsu India Chief Client Officer Narayan Devanathan.
Overall, the industry is expecting tax aids for the sector and the consumer’s ease in inflation, and a strong push to the MSME sector for strong growth in the year.
According to the economic survey 2022, tabled by Sitharaman in the parliament yesterday, the country’s economy is already in a good position and rising effectively from the attacks of the pandemic. The survey predicted a growth of 8-8.85 percent in the GDP.
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