This year’s budget heralds a transformative vision for India’s economy, driving growth in advertising, marketing, and beyond.

With a sharp focus on innovation, technology, and entrepreneurship, here's how the 2023-24 budget impacts advertising, marketing, media and entertainment, gaming, artificial intelligence, telecom, and e-commerce advertising. 

Start-up surge: Fuelling the next wave 
The economic landscape is buzzing with activity as advertising and marketing startups show a robust 7% growth, closely followed by media and entertainment at 5%, and gaming startups at 4%. The government's decision to abolish angel tax for all investor classes and establish a substantial INR 10,000 crore corpus for startup funding has injected new life into the 'Startup India' initiative. This move is expected to create a more nurturing environment for budding entrepreneurs across these dynamic sectors. 

AI: Pioneering tomorrow's tech today 
Both the economic survey and budget spotlight India's leap into the future with Artificial Intelligence and advanced technologies, with 16% of the world's AI talent and over 13,000 startups venturing into cutting-edge fields like AI, IoT, Robotics, and Nanotechnology. The government's commitment to 'AI in India and AI for India' is evident in its push for developing indigenous AI capabilities, promoting ethical AI practices, and supporting socially impactful AI projects. This focus is set to position India as a global leader in AI innovation and application. 

Telecom transformation: Dialing up digital ad spend 
The government's initiatives like the Bharat 6G Vision, broadband connectivity for all Gram Panchayats, 100% FDI in the telecom sector, coupled with UPI, ODOP, and ONDC, are creating a conducive environment for advertisers in the telecom and e-commerce sectors. With 1.16 billion mobile subscribers, the reduction of basic customs duty to 15% on mobile phones and electronic items signals a 'tech-tonic' shift in consumer behaviour. These measures are expected to drive significant growth in digital transactions and online shopping, revolutionising how brands reach and engage with consumers. 

Powering innovation and opportunity in conclusion 
The allocation of a INR 1 lakh crore financing pool for private sector-driven research and innovation underscores the government's commitment to fostering a culture of innovation. This, combined with the rapid shift towards digital payments, e-commerce, and entertainment platforms, is set to create a plethora of job and entrepreneurial opportunities for India's tech-savvy youth in the A&M, M&E, and AVGC sectors. As these initiatives gain momentum, they will undoubtedly give a significant boost to the 'Make In India' campaign, propelling the nation towards a more digitally empowered future.

The author is founder, White Rivers Media.