Budget
Guest Column: Budget ’17 needs to incentivise digital adoption, stir rural economy
This year’s Union Budget, called unique, has been the talk of the town. First, it’s going to be scheduled on 1 February 2017instead of the usual presentation on 28 February. Second, it’s the first time that the Railway Budget is going to be merged with the Union Budget.
However, I would like to consider it unique for other reasons as well. We are aware of the fact that this exercise has come against the backdrop of demonetisation. Due to this, demand has dropped and the GDP of the country has been affected gravely. While experts have already envisioned a poor growth rate, I would like to consider a worst possible situation of seven per cent plus rate as still healthy. What affects us the most in marketing, branding and advertising sectors of the media industry is consumer business segment.
The consumer business sector has seen a lot of volatility of late due to impending rollout of GST (Goods and Services Tax) and demonetisation. The retail and FMCG segments have been directly affected. This means stringent marketing budgets, which has slowed brand development exercises.
Hence, I would like to term the budget “unique” if my budget expectations are met. What are my expectations? The following:
1. Shaking up rural economy
Prime Minister Narendra Modi has been talking about this for a long period of time. The finance minister had given hints to incentivise foreign companies to come here and market Indian agricultural produce. I am eagerly looking forward to this as this would mean sizable investment in this sector and more start-ups getting into it promoting healthy business and growth rates.
2. Promote digital payments
Now that the government has shown us the dream of a cashless economy, I am expecting clear incentives for financial technology companies and cashless transacting businesses. Some bit of it has already started, but some better provisions will ensure more innovation in the sector, thus leading to consumer ease.
3. Government investment in health and education
We have seen the government going strong on the Swachha Bharat (Clean India) campaign and many brands associating themselves to a larger social cause. I am expecting a similar impetus in the health and education sectors.
4. Clarity on GST game plan
A clearer roll out timeline for the GST is the need of the hour to end the uncertainty looming large everywhere. I am expecting a clearer picture after the budget is announced.
5. Tax relaxation
After the demonetisation drive, the government seems to have successfully collected a significant amount of money. The individual salaried person is definitely expecting a relaxation of tax slabs and rates. I am hoping that the fiscal deficit will be lower and, hence, the base line tax rate coming down, which can essentially widen the base and make the environment more conducive for business.
(Saswata Das is partner & executive director WOW Design. The views expressed here are personal, and Indiantelevision.com need not necessarily subscribe to them)
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.
