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When I say something, I mean it because I feel it: FM Nirmala Sitharaman

In an interview with Rahul Joshi, Editor-in-Chief, Network18, Finance Minister Nirmala Sitharaman said that the government continues to be enthusiastic about fintech and would like to engage with more stakeholders in the space, while refraining from commenting on the ongoing crisis at Paytm,

"I wouldn’t want to comment on a particular company. But fintech is an area in which all of us are very enthusiastic. India has contributed a lot to this sector," the finance minister said.

Earlier this week, the Reserve Bank of India (RBI) imposed severe restrictions on Paytm Payments Bank, after noting material discrepancies and non-compliance issues.

<a href="https://www.storyboard18.com/brand-makers/ai-is-forcing-job-seekers-to-develop-new-skillsets-fm-nirmala-sitharaman-21731.htm">Read More: AI is forcing job seekers to develop new skillsets: FM Nirmala Sitharaman</a>

The decision led many stakeholders in the sector, especially fintech startups, to question the regulator's stance towards the sector. Former managing director of BharatPe, Ashneer Grover, said that the central bank “does not want FinTechs in business". 

“I don’t understand RBI. Clearly RBI does not want FinTechs in business - of late all regulations / moves are against Fintechs. Such moves will kill the sector altogether. The @FinMinIndia @nsitharaman @PMOIndia need to step in. Startups have been biggest creators of market cap and employment in last decade. Today IIM and IIT are struggling to place people - we as a country cannot afford such overreach ! Tom-Tom-Ing @UPI_NPCI to the world and punishing pioneers in the space is pure ‘Doglapan’," wrote Grover on X, formerly Twitter.

<a href="https://www.storyboard18.com/brand-makers/we-are-all-very-enthusiastic-about-fintech-fm-nirmala-sitharaman-21743.htm">Read More: We are all very enthusiastic about fintech: FM Nirmala Sitharaman</a>

The finance minister, in the exclusive interview with Network18, hailed the youths' contribution to the sector and assured that the government is enthusiastic about working in the space and encouraging more new-age firms to continue to build.

She further mentions the global recognition of India's fintech innovation, with many looking towards the country for financial technology solutions.

"India’s contribution in the sector has been globally recognised. Today, if people are looking at fintech solutions, they are looking at India. Our youth have contributed a lot in building capacities for themselves. This is an area we would certainly like to work with and encourage," said Sitharaman.

Paytm and Fintech: FM Sitharaman hailed the youths' contribution to fintech; 'Won't comment on a particular company'

“Fintech is an area in which all of us are very enthusiastic,” said Finance Minister Nirmala Sitharaman in an exclusive conversation with Network18’s managing director and editor in chief Rahul Joshi. 

Sitharaman said that India has contributed a lot to the fintech sector. “India’s contribution to the sector has been globally recognised. Today, if people are looking at fintech solutions, they are looking to India,” she added. 

<a href="https://www.storyboard18.com/brand-makers/ai-is-forcing-job-seekers-to-develop-new-skillsets-fm-nirmala-sitharaman-21731.htm">Read More: AI is forcing job seekers to develop new skillsets: FM Nirmala Sitharaman</a>

She went to add that India’s youth has contributed a lot and have built capacities of themselves. “This is an area which we will certainly like to work with and encourage,” the FM said. 

The Minister also said that the Reserve Bank of India (RBI) does tale its own call and she would appreciate if the RBI worked with the stakeholders. “The RBI takes a call keeping growth in mind. They’ve been steady and that they’ll continue to be steady is my expectation and hope,” she said. 

<a href="https://www.storyboard18.com/quantum-brief/fm-nirmala-sitharaman-to-network18-groups-rahul-joshi-this-is-secularism-in-action-21740.htm">Read More: FM Nirmala Sitharaman to Network18 Group's Rahul Joshi: “This is secularism in action"</a>

We are all very enthusiastic about fintech: FM Nirmala Sitharaman

A day after presenting the interim budget, Finance Minister Nirmala Sitharaman spoke exclusively to Network18 Group's Managing Director and Editor-in-Chief Rahul Joshi about how it was a “true vote on account budget”. Sitharaman presented the pre-election budget listing out achievements of the Modi government in the past 10 years while giving a glimpse of the future plans to make India a developed nation by 2047. While presenting the interim budget, Sitharaman said the Modi government covered all aspects of inclusivity. She added that the people of India are looking ahead to the future with hope and options. Structural reforms, pro-people programmes and employment opportunities helped the economy get new vigour.

“We treated it like a true vote on account, an interim budget before an election, and also an interim budget which is being presented with the clear understanding that the several programmes which were launched with empowerment of citizens in mind over the last 10 years are reaching the ground and the beneficiaries are already on their own speaking about it,” the FM said.

Read key takeaways from the exclusive interview. 

“This is secularism in action" 

In the exclusive interview, Finance Minister Nirmala Sitharaman told Network18 Editor-In-Chief, Rahul Joshi: “The power of word of mouth is very strong. So when a beneficiary gets truly the benefit, and without any middlemen playing a role in it, they really understand that the intent of the government is what they’ve said is what is getting executed. So I place a lot of trust in the word of mouth, which has helped in schemes like PM Awas Yogana, PM Mudra Yogana, Swanadhi Yogana. All of which have benefited the small households, small people who want to do their business and who don’t have money to give for collateral, no properties to give. 

So this government has actually, because of the vision with which the prime minister is committed to serve this country, is actually serving the common people in letter and spirit, and that is recognized by the people themselves. It’s not as if you are saying and you are showing target numbers, you are showing achievement numbers. No, the people on the ground are saying about it, I’ve got it. And so has my neighbor. So has the neighbor of that household and so on.”

“That is why I have used an expression, and I mean it when I said it, that this is secularism in action. This is where we have not shown any difference between members belonging to this community or that, this religion or that or somebody’s relative or not. No difference. The project reaches the ground to everybody who deserves to get it. And if they are eligible, they get it irrespective of who they are. And therefore, in every way, the principle of empowerment, the Sabka Saath, Sabka Vishwas and Sabka Vikas, has been executed in every way. And that is the sense of confidence that the blessings of the people are not just at the time when we gave promises, but the blessings are coming in abundantly even now to say, yes, you’ve kept up your word,” the FM said.

"Impact of digitisation on rural economy yet to be measured"

The impacts of digitisation and connectivity on the rural economy are not coming through in current economic indicators, FM Nirmala Sitharaman said in the interview with Joshi, Editor-in-Chief, Network18 on February 2.

"Indicators with which we are looking at the rural economy may vary, newer indicators may tell us a different story. FMCG data is one indicator. But better connectivity, digitisation (in rural areas) are yet to be measured," said the Finance Minister a day after she presented the interim Budget. She also said that college recruitments, and hiring in top institutions like IIMs are important, but jobs created in middle and lower order are not being counted when talking about employment in the economy.

"I am not sure I will be able to describe what is happening in the rural economy. Let us recognise there is a lot of shift in employment, let us recognise migration is now looking at redefining itself," she further said.

"AI is forcing job seekers to develop new skill sets" 

The FM spoke about the employment and job market in India. There has been news of students, and freshers not being able to find jobs despite being from the top institutions of the country like IITs and IIMs. According to Sitharaman, discussions on this topic are currently based on limited knowledge and information. There are more companies being registered in India and they obviously cannot operate in a vacuum. Furthermore, lower and middle order jobs are not being taken into account. "Why are companies being registered in higher numbers if jobs are not being offered?," said the FM.

The global slowdown is having an impact on Indian jobs as well, especially at the higher end in IIM’s and IIT’s. Sitharaman said, “because of artificial intelligence, the kind of job requirements expected of recruits is changing. People with old skillsets are expected to have new and additional sets of skills for entering a certain area which until now, didn’t exist.”

Read More: <a href="https://www.storyboard18.com/brand-makers/ai-is-forcing-job-seekers-to-develop-new-skillsets-fm-nirmala-sitharaman-21731.htm">AI is forcing job seekers to develop new skillsets: FM Nirmala Sitharaman</a>

FM Nirmala Sitharaman to Network18 Group's Rahul Joshi: “This is secularism in action"

In an exclusive conversation with Network18's managing director and editor in chief Rahul Joshi, Finance Minister Nirmala Sitharaman spoke about the employment and job market in India. 

There has been news of students, and freshers not being able to find jobs despite being from the top institutions of the country like IITs and IIMs. According to Sitharaman, discussions on this topic are currently based on limited knowledge and information. There are more companies being registered in India and they obviously cannot operate in vacuum. Furthermore, lower and middle order jobs are not being taken into account. "Why are companies being registered in higher numbers if jobs are not being offered?," said the FM. 

<a href="https://www.storyboard18.com/brand-makers/paytm-and-fintech-fm-sitharaman-hailed-the-youths-contribution-to-fintech-wont-comment-on-a-particular-company-21754.htm">Read More: Paytm and Fintech: FM Sitharaman hailed the youths' contribution to fintech; 'Won't comment on a particular company'</a>

The global slowdown is having an impact on Indian jobs as well, especially at the higher end in IIM’s and IIT’s. Sitharaman said, “because of artificial intelligence, the kind of job requirements expected of recruits is changing. People with old skillsets are expected to have new and additional set of skills for entering a certain are which until now, didn’t exist.” 

The interim budget or the ‘Vote of Account’ for 2024 was presented by FM Nirmala Sitharaman yesterday, Feb 1. 

During her Budget speech on February 1, Sitharaman said that through the Skill India Mission, the government has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth so far. The government has "established 3,000 ITIs and large institutions of higher learning including 7 IITs, 16 IIITs, 7 IIMs and 15 AIIMs and 390 universities have been set up."

<a href="https://www.storyboard18.com/quantum-brief/fm-nirmala-sitharaman-to-network18-groups-rahul-joshi-this-is-secularism-in-action-21740.htm">Read More: FM Nirmala Sitharaman to Network18 Group's Rahul Joshi: “This is secularism in action"</a>

In September 2023, the Modi-led government unveiled the Skill India Digital Platform to bring all skilling initiatives under a single umbrella and provide skill development and entrepreneurial support to people. More than 264 skilling courses from 42,623 centres from across the country will be available under the platform, which will also provide opportunities for job exchange, apprenticeship, and entrepreneurship.

AI is forcing job seekers to develop new skillsets: FM Nirmala Sitharaman

On February 1, Finance Minister Nirmala Sitharaman presented the Interim Budget 2024. Several high profile personalities took to X to express their views and the Budget speech received thumbs up from Harsh Goenka, chairperson, RPG Group and Anand Mahindra, chairperson, Mahindra & Mahindra. But Shashi Tharoor, member of the Lok Sabha and an MP from Congress, had a different take. He took to X where he stated, “What does "GDP" stand for on this government's watch? 'G' for "governmental intrusion and tax terrorism", 'D' for "demographic betrayal" and 'P' for "poverty and rising inequality.”

Read More: <a href="https://www.storyboard18.com/how-it-works/harsh-goenka-budget2024-is-a-fighter-that-tames-the-animal-of-recession-21590.htm">Harsh Goenka: Budget 2024 is a Fighter that tames the Animal of recession</a> 

In a video interview to a media organisation, Tharoor said, “It's not just an interim budget but their (BJP government) final budget, and there's no question about it. This is a government that has completely run out of ideas. They have essentially given us a whole rhetoric. It was only the shortest budget speech on records since I started following the budget 15 years ago.”

In the video, Tharoor went on to state that the ‘film was not yet finished’. “Votes can’t be counted until they are cast and the votes will be cast when the time comes. There is still time for the opposition to get its act together,” he said.

Read More: <a href="https://www.storyboard18.com/quantum-brief/budget-2024-the-fiscal-deficit-target-was-better-than-envisaged-prudence-scored-a-decisive-victory-anand-mahindra-21543.htm">Budget 2024: The fiscal deficit target was better than envisaged. Prudence scored a decisive victory: Anand Mahindra</a>

Budget 2024: What does "GDP" stand for on this government's watch?, asks Shashi Tharoor

On February 1, Finance Minister Nirmala Sitharaman unveiled the Interim Budget, weeks before the Lok Sabha prepares to go for elections between April and May. The full Budget of 2024 would be presented in July after the new government comes into power.

Sitharaman has left the tax rates and slabs unchanged for both old and new income tax regimes for 2024-2025. For an income of up to Rs 3 lakh, no tax would be applied, for an income between Rs 3 lakhs - Rs 6 lakhs, a tax of five percent would be applicable. 

Under the new regime tax slabs, for anyone, whose income is between Rs 6 lakh - Rs 9 lakh, Rs 9 lakh - Rs 12 lakh, Rs 12 lakh - Rs 15 lakh and an income of Rs 15 lakh and above, the taxes would be applicable at 10 percent, 15 percent, 20 percent and 30 percent.

Under the old regime tax slabs, income up to Rs 2.5 lakhs is exempt from taxation. For those whose income is in between Rs 2.5 laksh to Rs 5 lakhs, they would be taxed at a rate of five percent. 

Income from Rs 5 lakhs to Rs 10 lakhs would be taxed at 20 percent. Income above Rs 10 lakh is taxed at 30 percent.

Pranjal Kamra, chief executive officer, Finology Ventures said, “If the new tax regime is meant to simplify the complications of the old tax regime by being in existence, it further leads to complications. We all know how important the government thinks that the national pension scheme is. Thereby, it should also get a special provision in the new tax regime the way it got in the old tax regime.”

Edited excerpts


What are your thoughts about the Interim Budget 2024 with respect to the income tax regime?

Mixed thoughts specifically regarding the tax slabs. For example, if inflation is six percent, it means that the common man now has six percent more expenses and by virtue of it, probably six percent higher income. So, slabs should at least be adjusted as per inflation so that I don't end up paying more taxes and glory is taken saying no changes in tax lab.

Compared to Budget 2023, how did Interim Budget 2024 fare? 

For a common man, mostly a budget means whether he or she is getting any additional relief. Even though it's an interim budget, more clarity is (needed on) how we are going ahead in terms of merging the old tax regime and the new tax regime because two regimes existing parallelly doesn't make a lot of sense.

If the new tax regime is meant to simplify the complications of the old tax regime by being in existence, it further leads to complications. We all know how important the government thinks that the national pension scheme is. Thereby, it should also get a special provision in the new tax regime the way it got in the old tax regime.

So I think these were the two minor misses, but I'm sure that further down the year when the full budget is unveiled, this might be corrected. 

2023 has been quite a year for finfluencers. Securities and Exchange Board of India (SEBI) released a consultation paper after ASCI revised its influencer guidelines requiring finfluencers to be registered with SEBI. What sort of an impact have the guidelines had on your modus operandi as a finfluencer? 

It has been a little different for us because we are SEBI registered since 2018. RIA (Registered Investment Advisor) regulations are so tough that comparatively these finfluencer guidelines are nothing. I'm someone who already complies with the RIA regulations. And in comparison to those, I don't feel any additional burden. 

I think there should be some formal regulation for finfluencers because we need to understand the intent behind the RIA regulation. When they came in 2013, it was to actually regulate the mode through which advice was rendered back then. Back then, the primary mode was websites and physical consultations.

Today, the primary mode through which financial awareness or consulting is given is through finfluencers and social media. The existence of those regulations defeat the purpose if now a new regulation does not cover the primary mode of delivering these consultations today. So I welcome these steps and I think not just guidelines, there should be a formal regulation. 

 
SEBI took action against a few of the finfluencers like PR Sundar. How have such incidents impacted the brand collaborations that came your way? 


I take very few brand collaborations offers. In terms of offers also, there has been a reduction. But for the good, because I don't see reputed brands not approaching us. I only see brands that were operating in the regulatory grey area now not being so aggressive.


So I think for some finfluencers, it could have led to some monetary distress. But as a regulated entity, we couldn't touch a lot of brands. So it does not impact us financially.


Could you name some of the brand collaborations that have come your way? 


Previously, we saw a lot of betting, gaming apps, crypto apps, stock market games etc approaching us.


We would receive offers like speaking good things about an IPO. If a quarterly result came, requests like 'could you tweet something good about the quarterly results etc?' would come my way. And I would deny it.

When, the next day, I saw YouTube or social media filled with the same kind of videos or tweets, it did hurt. So, those offerings in itself have reduced. 

But otherwise, safer options like promoting a platform and not promoting a particular scrip or an asset is something we look at. If one wants to buy insurance, I would never promote a particular brand.

So if it's a platform and where the end responsibility is with a regulated entity, say, if I'm buying HDFC life insurance, it shouldn't matter much whether I'm buying it from Paisa Bazaar, Policy Bazaar or some other website. So I'm more comfortable with these marketplaces rather than promoting the end product. 

With the brand collaborations requests that you are receiving, what are the precautionary steps you take to avoid being misled or misguided or coming under the radar of SEBI? 

We are all under the radar and rightfully so. Rather than being fearful or feeling nervous about it, with or without these guidelines, what we have to work with is common sense.

There are three or four basic guidelines that all financial intermediaries follow. As influencers, we should also follow. First, if you are earning by promoting the product, disclose it. So I think disclosure is very basic. In a lot of ways, the guidelines also repeatedly talk about it. 

Second, avoid front running (forward trading or tail-gating). It can't happen that I invest in a particular asset or a company today and then I start promoting it tomorrow. Third, do not do contra trading (multiple buy and sell trades on the same day or the next trading day, as per Westpac). Fourth, do not act on insider trading. 

It's just that the guidelines specifically say finfluencers. But with or without finfluencers, I think dos and don'ts are mostly the same. 


How difficult or easy is the process of being registered with SEBI? 


December 2018 is the time when we got registered. It was seamless for us because it took anywhere between four to four-and-a-half months. All the documents that were required were clearly stated. 


Ours was a RIA (Registered Investment Advisor) license in a corporate structure. What I've heard is that if one is going for an RIA license, the paperwork is even less. 

If the license is not too tough to get, why not comply? The fees are not extremely hard in comparison to what the finfluencers earn and it takes three to four months to get registered. Why not take it and be on the safer side? 


What is your take on Advertising Standards Council of India (ASCI) asking finfluencers to display their educational qualifications or credentials while endorsing products or services? 

Say an engineer developed an interest in finance at a later stage and was not in a position to do an MBA or an MCom, although they should, if they are in this domain. But it's not possible for everyone. Plan B is to incorporate a company and hire a person who has the qualifications, and then take the license in the company's name. 


Finfluencers began to gain attention in 2020. From then until now, how have the opportunities in terms of brand partnerships evolved? 

 
We have never been a sponsorship-oriented business model. We rarely did brand promotions back then. And, we rarely do it today. The only visible trend I see is that no cryptocurrency apps approac (us).

 
Crypto apps were at their peak towards the end of 2020, and they were so desperate to get every finfluencer on board. I was not interested at all. After trying for months, they finally gave me an option wherein they asked me to come to a session with them.

 
They said I could take whatever money was required. They even gave me the option to criticise their brand. Today, I don't see a lot of such examples.

 
With the venture capital (VC) funding also drying up, we are not seeing 50 brands becoming unicorns like it used to happen in 2020 and 2021. It directly affects finfluencers because a lot of brands that come to influencers are actually D2C brands or start-ups wanting to scale immediately through them. If they don't have that kind of funding, I think all influencers get affected.

 

The full Budget 2024 will be read out after the new government is elected this year. What are your expectations then? 

 
There's always a debate between being too populist versus being too pragmatic. Whichever government comes into power, the old tax regime should end and some of its perks should be merged into the new tax regime. Thus, there should be one regime. 

 
Do you think that because of the actions of a few finfluencers which led to stringent actions being taken against them by SEBI, it has caused a negative impact on finfluencers who followed every rule to the T?

 
For people who are not trying to go viral overnight, things haven't changed much. People are more circumspect (unwilling to take risks), but I think that it's good. Because ultimately, not just in finance, but in health, law, and almost in all spheres, it's better if you are a little more circumspect. If SEBI initiates more action, it creates a barrier to entry and in the long run, it reduces competition. 

Read More: <a href="https://www.storyboard18.com/quantum-brief/interim-budget-2024-finfluencers-expect-women-centric-boost-direct-tax-relief-21413.htm">Interim Budget 2024: Finfluencers expect women-centric boost, direct tax relief</a>

Pranjal Kamra: With the election of the new government, the old tax regime should merge into the new tax regime

FM Nirmala Sitharaman has announced her sixth consecutive budget, this time in the form of an Interim Budget ahead of the upcoming parliamentary elections. This matches the record set by former Prime Minister Morarji Desai. Overall, it is looking up. From taxation, to ongoing subsidies and schemes for the rural class, to relaxations for startups and businesses, the budget has covered most gaps. Folks in advertising and marketing too seems to be quite pleased with everything drawn out by the FM in the budget for 2024. Harsha Razdan, CEO- South Asia, Dentsu talks about the prioritisation of the Budget, digital empowerment and more. 

<a href="https://www.storyboard18.com/quantum-brief/budget-2024-punit-goenka-foresees-golden-era-for-media-and-entertainment-amidst-10-billion-zee-sony-merger-turmoil-21567.htm">Read More: Budget 2024: Punit Goenka foresees golden era for media and entertainment</a>

“I'm pleased to see that the government's budget priorities include simplifying processes through digital empowerment. While we await the full budget, the interim one signals a commitment to nurturing strategic long-term investments and inclusive growth. The investment focus towards Infrastructure, Start-ups, Tourism, Women Empowerment, and Green Energy should stimulate consumption, boosting the economy and advertising expenditure. The budget also heralds a promising era for companies leveraging AI and market technology to drive a technology-driven economy,” he said. 

<a href="https://www.storyboard18.com/quantum-brief/budget-2024-pass-or-fail-what-madisons-sam-balsara-and-grapes-shradha-agarwal-think-about-budget-2024-21549.htm">Read More: Budget 2024 - Pass or Fail?: What Madison's Sam Balsara and Grapes' Shradha Agarwal think about Budget 2024</a>

“The focus on digital connectivity promises fresh avenues for innovation and expansion within the industry. The projected economic growth of 6-6.8 percent in the next fiscal year will continue to drive consumption and better advertising spending across diverse industries. However, the Industry was hoping for additional measures to boost rural consumption, and that could dampen advertising spends to an extent,” added Razdan. 

https://www.storyboard18.com/quantum-brief/budget-2024-what-gozoops-rohan-bhansali-and-mad-influences-gautam-madhavan-think-about-budget-2024-21587.htm

Budget 2024: What Dentsu's Harsha Razdan thinks about the Interim Budget 2024

FM Nirmala Sitharaman has announced the Interim Budget or the ‘Vote of Account’ for 2024 today. The Lok Sabha elections, which will be held between April and May, will see the newly elected government present the full budget for FY25. The government allocated Rs. 4,342.55 crore to the Ministry of Information and Broadcasting (MIB) for 2024-25. The figure is marginally lower than the Rs. 4,449.79 crore that was allocated in the previous fiscal year. Of the current allocation, Rs. 2,959.94 crore has been allocated to broadcasting. Rs. 1,088.16 crore has been allocated for Information and Publicity.

Here’s what leaders in advertising and marketing thought about the inclusions in the Interim Budget.

Punit Goenka, MD and CEO of ZEE Entertainment Enterprises Ltd., lauds the government's economic reforms on Budget day.

“The Government’s efforts to boost India’s economy through structured policy reforms will accelerate the development of our nation over the next few years. The steps taken by the finance minister to empower the youth by fuelling the entrepreneurial spirit and fostering innovation in technology through initiatives like the 1 lakh crore research corpus, creates a golden era for sunrise sectors such as media and entertainment,” he said. 

“The combination of youth and technology certainly holds immense potential and can lead to exciting new opportunities for content distribution and monetization, boosting the growth of the M&E sector at large,” Goenka added.

Goenka has been vocal about government initiatives. He even attended the grand Ram Mandir opening on January 22, 2024, the same day the $10 billion Zee-Sony faced termination.

On January 25, 2024, Goenka addressed Zee employees speaking about changing dynamics and opportunities in the media and entertainment space.

“Our industry is witnessing rapid changes, and these winds of change are giving us a new shape. We have to mould ourselves to be well-positioned in order to capitalise on the opportunities coming our way. We have been leaders over the last 3 decades and have delivered value to our stakeholders, year on year.We need to continue building on this momentum and fire on all cylinders,” he said.

Sam Balsara, Chairman, Madison World said, “This was a vote on account budget, so no major proposals were expected or being announced. However, in view of all the positive government actions taken in the last 10 years, I would expect that our consuming class which is already at 450 million should go to 800 million in the next 5 years. Those who take a cue from this and invest heavily in advertising over the next few years to strengthen their brands will reap huge benefits over the next 5 years.”

Harsha Razdan, CEO - South Asia, Dentsu said, “I’m pleased to see that the government's budget priorities include simplifying processes through digital empowerment. While we await the full budget, the interim one signals a commitment to nurturing strategic long-term investments and inclusive growth. The investment focus towards Infrastructure, Start-ups, Tourism, Women Empowerment, and Green Energy should stimulate consumption, boosting the economy and advertising expenditure. The budget also heralds a promising era for companies leveraging AI and market technology to drive a technology-driven economy.”
 
“The focus on digital connectivity promises fresh avenues for innovation and expansion within the industry. The projected economic growth of 6-6.8% in the next fiscal year will continue to drive consumption and better advertising spending across diverse industries. However, the Industry was hoping for additional measures to boost rural consumption, and that could dampen advertising spends to an extent,” he added.

Budget 2024 - Pass or Fail?: Reactions from M&E industry and media agencies

Finance minister Nirmala Sitharaman presented her sixth consecutive budget, matching the record set by former Prime Minister Morarji Desai, just ahead of the Parliamentary elections. Find out what the leaders of Haier, Agoda and Kalyan Jewellers had to say.


Krishna Rathi, Country Director India, Sri Lanka, and Maldives Agoda said, "2023 has been a year of remarkable growth for the Indian travel sector. As a digital travel platform, Agoda is committed to hassle-free and affordable travel experiences; domestically, for Indians traveling internationally, and for tourist visiting India from abroad. Agoda believes in the benefits of a cooperative approach between the travel industry and government bodies at both the state and Union levels. This will help effectively cater to the current travel dynamics. Agoda is enthusiastic about the future of India's travel sector and its potential for growth. We will play our part in helping India's travel sector thrive and are excited about the focus on the recommendations of the G20 working group on Tourism, public-private partnerships for innovation and impact, and the focus on connectivity in this budgetary update."

T S Kalyanaraman, Managing Director, Kalyan Jewellers said, “We welcome the interim budget announced by FM Nirmala Sitharaman, and commend the Government of India’s consistent efforts in ensuring inclusive growth as well as recognizing the pivotal role of women in economic transformation, through a diverse array of initiatives.
 
The country’s phenomenal growth trajectory and economic prowess in the past decade, has been nothing short of extraordinary, particularly the surge in FDI, which witnessed two-fold increase over the past two decades. As we celebrate the golden era, we would like to applaud PM Modi’s commitment and vision for fostering a thriving economic landscape. The ‘First Develop India’ (FDI) initiative, geared towards encouraging foreign partnerships, exemplifies a collaborative spirit towards economic progress. Furthermore, we believe the PM Vishwakarma Yojana is playing a critical role in empowering the India’s artisan community. With benefits extending across 18 trades, it symbolizes the Government of India’s holistic approach towards preserving traditional craftsmanship and contributing significantly to the nation's economic fabric.”

NS Satish, President, Haier Appliances India said, ""Haier India applauds the visionary approach of the interim FY25 budget announced by the Honourable Finance Minister today, particularly its focus on technology and innovation. These align perfectly with our commitment to advancing technology and delivering high-quality appliances. The new housing scheme for the middle class and initiatives to help slum dwellers as well as those living on rent is a welcomed move along with the 2 crore additional houses under the Pradhan Mantri Awas Yojna - Gramin in 5 years. The emphasis on upskilling the youth and creating a conducive ecosystem for business expansion is truly commendable and we are optimistic that this move will aid the industry’s overall growth. Moreover, the heightened focus on manufacturing and infrastructure is anticipated to have a favourable effect on our developmental trajectory. 

This year’s budget’s attention to people, research & development, innovation, and corporate taxation bodes well for the consumer durables sector. As we journey towards a 'Viksit Bharat' by 2047, Haier India remains steadfast in its commitment to ‘Make in India, Made for India’, and helping the country move towards its trillion-dollar economy goal.”
 
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BUDGET 2024