The recently unveiled Union Budget 2023 is welcomed by everyone in the country, be it the consumers or the entrepreneurs. Let’s decode how the budget this year will help the Marketing Industry prosper this year
As FM Nirmala Sitharaman unveiled the Union Budget for Fiscal 2023-24, the country has been hailing its notable pointers that show growth drivers for many industries including the marketing sector to flourish. As the Union Budget 2023-24 empowers the consumer by increasing cash flow and strategically relaxing the income tax regime, there is bound to be an increased disposable income and in turn rising demand for products and services. This translates to a plethora of branding and marketing opportunities for brands across industries to increase their consumer fraternity.
As part of the announcement, the government’s focus on capital expenditure on infra development on various fronts brings a lot of opportunities for the marketing and advertising industry to thrive with more digital and physical canvas being made available at the upcoming metros, airports, and last-mile connectivity stations for OOH branding possibilities. This will certainly help agencies with prime branding spots to reach the target audience.
The Union Budget 2023 is certainly inclusive and will help propel the Media and Entertainment (M&E) industry. Witness of the same is the budget’s focus on the overall development of the country right from skilling the youth to announcing the development of Centres of Excellence in AI. Other infrastructural development push including better MSME lending, promoting domestic and inbound tourism and hospitality development, development of Skill India International centres, supporting contemporary agri startups with funds, and new-age technology for advanced financial integration, among several other decisions present that India is ready to grow in all directions. This all melts down to more novel marketing prospects by both traditional and emerging brands in the country.
The Centre has shown how the country can thrive in digital media with tech advancing in 5G, Web 3.0, and Metaverse. Helping modern-day students to upskill and be at par with the international standards of tech development and use cases, building digital libraries announced in the budget is only stating the government’s clear vision to empower Indian citizens with all that it takes. The Focus on AI with the development of the Centres of Excellence will provide the M&E industry with more skilled individuals to contribute to the upcoming digital marketing requirements by brands across industries.
Internet accessibility will become more robust across the length and breadth of the country with the announcement of a sooner 5G rollout. With the increasing reach of the internet, brands will be able to reach the growing numbers of internet subscribers across the country. Despite the looming economic slowdown, the Marketing industry is projected to be growing at about 15% in 2023 which hints that more brands will focus on their digital advertising and marketing spending to advance further in the new and growing markets across the country, hence paving way for increased prospective projects for marketing agencies.
The advent of 5G will help the M&E industry in the development of projects based on contemporary AV, metaverse and AR/VR experiences. The digital growth drivers are also extending to OTT, web3 gaming and e-commerce, which will add more engagement avenues for brands to promote their products to the prospective audience in the augmented world. As digital development and inclusion get granular in approach, the marketing and advertising industry will thrive with increasing opportunities.
The Union Budget 2023-24 is truly a laudable one and is deemed to create a win-win situation for all be it the consumers, existing industrialists, budding entrepreneurs, farmers, and the uprising youth of the country on the back of a digital-first approach. The marketing industry has a gamut of opportunities to thrive as the nation unites on various levels.
(The author is Mr. Arif Kazi, Founder and Managing Director of Dust Value and the views expressed in this article are his own)
