Budget
‘Budget 2015’ is a budget of aspirations: News broadcasters
MUMBAI: A government with absolute majority backed by historical mandate is certain to garner huge aspirations. And now it’s time to meet the expectations that National Democratic Alliance (NDA) has been building in every Indian since the time the Narendra Modi led BJP started campaigning for 2014 Lok Sabha elections. As 28 February spells out major economical initiatives, Indiantelevision.com asked the news broadcasters fraternity about their expectations from Arun Jaitley and his ministry.
Talking about the aspirations from budget 2015, NDTV CEO Vikram Chandra told Indiantelevision.com, “We don’t have any specific set of aspirations. We are hoping for action to sort out the distribution business model and increase in subscriptions but that isn’t directly linked to the budget of course.”
The finance ministry has often earned praise from experts and economists for growth oriented thoughts. Some of the thoughts were implemented of which the defense sector is one. But the media fraternity has not been offered anything more than encouraging word.
Times Group CEO M K Anand feels that the budget should build confidence and not dampen the positivity. “Media business has a direct positive correlation with the economy. What’s good for the economy will be great for advertising. This budget is probably the most awaited in Indian history. This is the single biggest optical event that will signal to the electorate and investors that this government will change things. My expectation is simply that the budget should maintain the confidence built on it and not dampen the positivity around India. And all indications are that we won’t be disappointed. I am looking forward to a great next year,” he said.
Jaitley, who is also heading the Information and Broadcasting Ministry, is expected to understand issues plaguing the media industry. In recent past the Minister commented against the ad cap and favoured increase in FDI, which increased the level of aspirations.
News Nation network CEO R K Arora feels that it’s high time for the government to deliver as the media industry has not been paid attention to in recent times. “With budget comes many expectations and we wish a lot of things, sometimes they are fulfilled and sometimes we are disappointed. This year the prime expectations from budget would be increase in FDI. All the channels need more revenue for expansion and 26 per cent of foreign investment is certainly not enough so if it should be increased to 49 per cent to ensure proper development of news channels. Moreover, we also pay a hefty 12.36 per cent service tax through which government earns a lot of revenue. I would be glad if it is reduced to 10 per cent,” Arora opined.
India has a formidable team taking care of finance and commercial affairs with Jaitley, Jayanth Sinha and Nirmala Sitharaman in it. The team’s credibility cannot be questioned in terms of education or understanding of the subject that they are dealing with. The trio and the bureaucrats working under them have often been recognised as the best team in the Modi government. One of the biggest decisions they took was the inception of Neeti Ayog and the choice of its leaders.
News Broadcasters Association honorary treasurer and News24 chairperson cum managing director Anurradha Prasad feels a business friendly atmosphere should be developed where one does not have to go through numerous layers of officiating. “Firstly, economy should be in the growing mode and once we have good economic growth, every sector will improve. Secondly, the structure of business in India should be rationalised. There are too many layers now, which can be transmitted into a single window. Thirdly, we would like the government to push the retail sector, as news channels are directly dependent on the retail sector. Additionally, our constant demand has been an increase in FDI to at least 49 per cent in News and Radio.”
Focus News managing director Sailesh Kumar asserted, “The industry is waiting for an announcement in FDI in news. There are not many investors ready to invest in this industry, which is in desperate need of growth and that cannot happen without money. Distribution stream is an issue all over and it needs to be sorted out. Moreover, service tax has to be rationalized as we use numerous equipments and pay tax for all separately. The percentile of tax varies from place to place, which is total injustice.”
NewsX Editor–At –Large (Roving Editor) Athar Khan expects the FM to announce a budget that is conducive for the growth of the economy. He said, “We are looking forward to a possible increase in Foreign Direct Investment (FDI) cap in media houses and conglomerates. FDI in news and the digital space has been promised, mulled and discussed by various Governments over the years however, never delivered. An increase in the FDI ceiling will potentially bring in large investments in the sector, which in turn will benefit not just the companies but also has the potential to boost salary structures in the industry bringing them at par with international standards. Concessions in service tax for media houses is another aspect we can look forward to. The possibility of an earlier roll out of the GST (GOODS & SERVICES TAX) by this Government is also something that we are hoping for. A streamlined tax structure will benefit the industry immensely. The Government can also look into giving the broadcasting sector infrastructure status on the lines of the telecom sector. A boost for the manufacturing sector will be welcome too as television sets, set top boxes and other products related to the media and entertainment industry can also indirectly help the industry’s augmentation. We can also expect some more channels to be launched as the I&B minister has already shown interest in a Government owned channel as proposed by the previous Government. If the growth is robust, as promised by the Modi Government then the advertising budgets of big corporates would also see an increase which will enhance the ad revenues for the channels which is the sole source of revenue for the broadcasting industry.”
The media industry awaits set rejuvenating declarations from the finance ministry. It now remains to be seen if Jaitley and team meet expectations and successfully fulfill their aspirations.
MUMBAI: Anuj Singhal, managing editor at CNBC- AWAAZ and CNBC BAJAR, operates at the sharp end of India’s business news ecosystem. With over two decades in business journalism, he has earned credibility for decoding policy, markets and macro trends for millions of Hindi-speaking investors. Equal parts newsroom leader and market analyst, he shapes editorial direction while anchoring flagship shows that break down the economy, politics and corporate India in real time.
Known for cutting through jargon and hype, Singhal blends data, discipline and clarity — a mix that has made him one of the most trusted voices in Hindi business news.
In this interaction, he discusses the Union Budget, trade deals, newsroom strategy and what truly moves markets and ratings.
• What was the single most market-moving announcement in this Budget, and why?
The most market-moving element was the clear commitment to fiscal consolidation without compromising capex. The glide path on fiscal deficit reassured bond markets and foreign investors, while sustained public investment kept growth expectations intact. That balance removed a big overhang for both equities and debt.
• Do you see this Budget as growth-oriented, fiscally cautious, or politically calibrated?
This Budget is growth-led but fiscally disciplined. It avoids overt populism, stays within macro guardrails, and prioritises medium-term competitiveness over short-term optics. Politically, it is restrained; economically, it is deliberate. The message is clear: stability over spectacle.
• How is CNBC-AWAAZ programming different, especially in decoding trade deal impact?
CNBC-AWAAZ goes beyond headline reaction. We translate policy into portfolio impact — sector by sector, stock by stock.
On trade agreements, our focus is on:
-Earnings visibility
-Export competitiveness
-Currency implications
-Margin sustainability
We don’t treat trade deals as political milestones. We decode them as profit-and-loss events for corporate India and map them to FY earnings trajectories.
• Which sectors look like clear winners and laggards over the next 12–18 months?
The next 12–18 months favour sectors aligned with structural spending and supply-side strengthening.
– Clear beneficiaries:
Capital goods and infrastructure
Manufacturing linked to export chains and PLI ecosystems
Power, defence, and logistics
– Relative laggards:
Consumption segments dependent on immediate demand revival
Businesses facing margin pressure from global volatility or pricing power erosion
This is not a momentum-driven market environment. It is execution-driven. Balance-sheet strength and order visibility will matter more than narrative.
• One headline to sum up this Budget 2026 for India Inc?
“Steady Hands, Long-Term Vision: A Budget That Rewards Discipline Over Drama”.
• What editorial filters do you apply before calling something ‘market-positive’ or ‘negative’?
We apply three structured filters:
– First: Earnings translation — does this materially change earnings visibility or cash flow outlook?
– Second: Time horizon — is the impact immediate, cyclical, or structural?
– Third: Valuation context — good news priced in or not.
If a policy doesn’t move earnings or risk perception, we don’t oversell it.
• How has business news consumption changed around big policy events?**
There has been a clear behavioural shift. They’re less interested in what was said, more in what it means for their money. There’s also a clear shift toward second-screen consumption, with digital platforms complementing live TV. The audience seeks sharper accountability. Viewers no longer accept broad optimism or pessimism — they want frameworks, numbers, and sector mapping.
• CNBC-AWAAZ decisively outperformed on Budget Day. What editorial and distribution choices mattered most?
Three deliberate strategic choices:
– Preparation depth:
We build scenarios months in advance — deficit ranges, sectoral incentives, tax calibrations — so we’re ready with analysis the moment numbers are announced.
– Language of impact:
We translate macro policy into investor-friendly Hindi without diluting complexity. That bridges accessibility and sophistication.
– Integrated distribution:
Television, YouTube, and digital platforms operate as one editorial grid, not parallel silos. This ensures continuity of narrative.We stayed analytical while others stayed reactive.
• How different is your YouTube audience from your TV audience?
The behavioural differences are subtle but important. TV audiences prioritise authority, structured debate, and context. YouTube audiences want speed, clarity, and actionable insights — often sharper, sometimes more opinionated. However, both share one expectation: accuracy. The format evolves; the trust benchmark does not.
• How do you retain viewers after the budget speech ends?
By shifting from announcements to implications.Retention comes from shifting the narrative from announcement to implication. We break down sectoral breakouts, stock-level impact, and what to do next. The speech is just the trigger; analysis is the destination.
• Is Budget Day your biggest traffic day?
It is one of the biggest — but more importantly, it is among the deepest in engagement. Viewers spend longer durations, revisit segments, and seek follow-up programming. That indicates behavioural trust, not just traffic.
• What’s the first thing you personally track on Budget Day — the speech or the markets?
The markets. They’re the fastest truth-teller. The speech explains intent; markets reveal interpretation.
• Your personal Budget-day ritual?
Early morning prep, minimal distractions, and once the speech begins, complete immersion. For me, Budget Day is less about reaction and more about reading between the lines.
• What drove your Budget-day ratings dominance, and how are Budget and trade deals shaping markets now?
Our dominance came from credibility, consistency, and clarity.
As for markets, both the Budget and recent trade deals are reinforcing a narrative of policy stability and global integration, which supports valuations even amid global volatility.
For Singhal, the market is the final judge. Policies can promise and speeches can persuade, but prices reveal what investors truly believe. As India’s investor class grows more informed and more demanding, business journalism is shifting from commentary to calibration. The premium is on clarity, context and credibility. In a landscape flooded with noise, the real edge lies in interpretation. In the end, the markets listen to numbers, not narratives , and Singhal’s craft is helping viewers tell the difference.
