Budget
Industry holds bright outlook for budget 2018
MUMBAI: With the D-Day already here, the media and entertainment industry is keeping its fingers crossed after a difficult year that bore the full brunt of the introduction of GST. With things settling and the general elections not too far away, a more populist budget is expected from FM Arun Jaitley and his ministry this year. While all eyes will be on the fiscal consolidation roadmap and borrowing plans, the government’s action plan for ease of doing business will be in sharp focus.
Indiantelevision.com asked industry veterans for their views on what’s likely to transpire during the mega event today. This is what they had to say:
“This is the last budget before the general elections, I think it will be a populist and a good budget. It should help the spending and the overall industry which will directly help advertising.  Broadcast industry went through a major cyclic process when demonetisation and GST happened. With helping the advertising industry this budget will bring good growth to the media industry as well. It will also help in increasing the consumption, expenditure. Over the sentiment will get better, India as a country is very sentiment driven. If the budget is good, the general public will also be happy and half the things are taken care.” — TV18 president-revenue & CEO Forbes India Joy Chakraborthy |
“Entertainment and media industry is not just a participant but also carrier of digital revolution in the country. Therefore, policy makers should step up to rationalise the taxation aspects impacting digital ecosystem. Towards this end, clarification may be provided on applicability of Rule 9A of the Income Tax Rules to income from sale of digital rights of feature films certified for theatrical exhibition. Also, with the growth in production, distribution and consumption of ‘web only’ content, provisions similar to those for feature films may be applied or at least clarity may be provided on its deductibility as revenue expenditure. Though India is one of the large cinema markets around the world when it comes to admissions, the market in tier II and tier III cities still remains underserved given the limited number of screens. A weighted deduction may be provided for developing, maintaining and operating single screen theatres or multiplexes in such tier II and tier III cities. GST was introduced with an intention to subsume multiple taxes levied by the State and the Union. This had come as a major relief to all the industries including the media and entertainment industry, with of course, industry discomfort on the rate of GST is undeniable. However, many states (like Tamil Nadu and Gujarat) have started imposing local body entertainment tax on movies. Levy of local body entertainment tax on movies exhibited defeats the whole purpose of GST. Therefore, the government should either remove the levy in itself or at least put a minimum cap on exhibition of movies.” – PWC partner-India entertainment and media sector leader Frank Dsouza |
“Now that the GST jitters are receding and GDP growth rebounding to 6.3 per cent in Q2 of FY 2017-18, I am confident about growth of broadcast industry in FY 2018-19. Having said that, I wish to see average GST rate for media and entertainment sector be brought down from existing 18 per cent to pre-GST levels of 15 per cent. I am hopeful about Finance minister keeping his words by reducing the corporate tax rate from 30 per cent to 25 per cent as promised by him in the union budget 2015-16 speech.” — BTVI COO Megha Tata |
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— Republic TV CEO Vikas Khanchandani |
“The M&E industry will continue on its exponential growth path as we get high speed data connectivity and the corresponding data costs continue to decline. Data growth has risen on the back of high video consumption on the go and will continue to play a pivotal role for growth in both M& E and Telecom sectors. Keeping in mind the expected growth, one long -pending wish I have from the Budget is the recognition of the M&E industry as an integral part of the Infrastructure sector so that it can avail of the various benefits and incentives that are given to the Infrastructure sector. This includes better financing options, to help boost the capital investments needed in digitisation and digitalisation, technology upgradation and new technology development and deployment. The net benefit of all of the above will always flow back to the consumer.”
“To realise the Digital India dream, it is important to promote broadband. MSO are the best to roll out faster Broadband being already have fibre reaching homes, building, society etc. Being high capex requirement of business, the industry expect that Budget will give relief to Industry by removing the AGR.” — GTPL Hathway Ltd head-investor relations Piyush Pankaj |
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— Mukta Arts & Mukta A2 Cinema MD Rahul Puri |
“The budget for 2018 will be a greatly important budget as the elections for 2019 are only a year away. I think there will be some changes to the direct tax structure this year as indirect taxes were given the biggest ever overhaul last year in terms of the introduction of GST. I also feel that there will be increased spending on infrastructure likely to be announced this budget as the government looks to employ some populist measures with one eye on elections.
“Transparency was one of the declared objectives of digitisation and this has been achieved with the efforts and investments by MSOs and operators. Today, majority of the benefits of transparency flows to the government and broadcasters. It’s time that the government recognised the contribution of small entrepreneurs in establishing this industry, the reality that television is much more than entertainment, and the need to share the benefits of transparency with MSOs, operators and consumers by way of overall reduction in taxes to the sector.” — KCCL CEO Shaji Mathews |
“From a personal standpoint this will be an interesting budget to see how economic reforms and political compulsions are balanced. But from an industry stand point I’m hoping that digital transactions and e commerce get a positive deal and in effect making them further appealing to consumers. If done it will be a game changer for Digital India.” — The Glitch co-founder and content chief Varun Duggirala |
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.
