New Delhi (India) July 23 : As we approach the Union Budget 2024, the advertising business and the broader digital ecosystem expect focused support for SMEs. In the last three years, the industry has seen tremendous digitization and a shift in consumer tastes due to the use of AI and other automation technologies. In light of these occurrences, it is necessary to boost flexibility and support for digital marketing strategies that will allow these businesses to compete more successfully.
One of the most important issues we wish to see handled is the revision of income tax slabs. For the past decade, these rates have stayed constant despite strong inflation of roughly 6%, thus taxing lower real salaries and lowering disposable income. Revising these slabs will raise disposable income, hence increasing consumer expenditure, which is critical for the expansion of the media and entertainment industries. Increased discretionary spending will immediately benefit the advertising business, which often displays a graph comparable to the economy’s GDP patterns.
The advertising industry is also excited about possible revisions to advertising taxation and TDS legislation. Lowering TDS rates on advertising agency payments and clarifying the tax treatment of overseas IT service payments will help to relieve financial pressures and support industry growth. Furthermore, strengthening digital infrastructure and establishing clear regulations for transitioning away from third-party cookies will improve the use of first-party data, enhancing tailored marketing activities while ensuring strong data security.
With the new budget and upcoming state elections, the government may focus on improving the state of farmers and women by potentially doubling PM Kisan Samman Nidhi payments and introducing aid for low-income women. This could fuel the K-shaped recovery, and instigate more disposable income to stimulate more spending in the economy.
Incentives for green logistics and digital infrastructure development are also important since they fit with worldwide digitalization and sustainability norms. On top of that, developing AI and other advanced technologies, together with strategic R&D expenditures, would drive up productivity and create new job avenues, establishing India as a global digital economy leader.
Overall, a growth-oriented budget that puts more money in consumers’ pockets and encourages innovation across industries will be critical. The Union Budget 2024 may set the road for long-term economic growth and prosperity by creating a conducive climate for SMEs, improving the advertising ecosystem, and enacting intelligent tax reform.â€
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Manjul’s LinkedIn Link: https://www.linkedin.com/in/manjul-wadhwa-10a1b1a9/.
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