Budget
Top M&E industry honchos see no major benefit from Budget ’17
MUMBAI: With the Union Budget’s focus on rural and infrastructure sectors, the media and entertainment (M&E) industry seems to be disappointed as the budget does not offer much. Though the sector is hoping to get some benefit through the digital push mentioned in the budget, expectations were high as the budget overlooked the sector even in the previous two budgets.
No clarity on foreign direct investment (FDI) policy, goods and services tax (GST), no further reduction in the service tax, no direct benefit for the digital ecosystem, MSOs, telecom, and many such misses has upset the M&E industry at large.
Impetus on digital payments and transactions will eventually help the OTTs/VoDs platforms subscription model. The government’s move to abolish Foreign Investment Promotion Board (FIPB) is believed to make it largely easier for foreign investors to invest in Indian companies.
Reliance Broadcast Network Limited
Reliance Broadcast Network (RBNL) CEO Tarun Katial said, “Budget 2017 is Neutral for the M&E sector although the consumption centric budget will put more money in the pocket of the common man and hence help the advertising and broadcast industries. Radio broadcast industry has requested specific policy measures like five per cent GST rate, reduction in custom duty for capex, etc and we look forward to the announcements when the GST rates are announced.”
Mukta Arts
Mukta Arts MD Rahul Puri asserted, “The Union Budget this year has focused more on uplifting some of India’s poorest sections of society. While this year again the media and entertainment sector has been overlooked, however some announcements will definitely help our industry in many ways. Setting up the cyber security teams will help fight piracy, similarly, the government’s push towards Internet penetration in rural markets will help increase content consumption and increase the audience base. Further the abolishment of FIPB will make it easier for foreign investors to invest in Indian companies.”
Worldwide Media
Worldwide Media CEO Deepak Lamba added, ‘’The Union Budget 2017 announced today, doesn’t include much on the M&E sector, however there are some points that will have a positive impact on our industry. The budget reinforced India’s huge shift towards digitization especially with the proposed deployment of high optic cables to increase internet penetration in rural India. This is a big positive for content creators like us, as it will boost the digital content consumption across online and mobile platforms. Further impetus on digital payments and transactions will eventually help the subscription model. Also, the government’s move to abolish FIPB to make the inflow of FDI smoother and to consider liberalization of the FDI policy will have a positive impact for players across sectors in the long run.”
KSS Limited (K Sera Sera)
KSS Limited group CEO and KSS Digital Cinema CEO Rahul Kanani added, “The Union Budget 2017 introduces the abolition of the Foreign Investment Promotion Board which is a positive step leading to inducing more foreign studios investment in India. More investments coupled with technological upgradation will certainly be a boon for the Indian film industry. Further, with the digital transactions getting a boost the industry especially single screen businesses which have suffered hugely because of the recent demonetization will help get a push.”
Pixel Pictures
Pixel Pictures CEO Prashanti Mallisetti said, “The budget on the onset looks quite positive and is in-line with the recent reforms. Though there are no major takeaways for any industry in particular that can affect a trajectory movement – the curb on cash transactions of 3 Lakhs is the one that is going to be a predominant factor in the demonetization short term scenario. More clarity in GST would have been great, but I guess we have to wait for that a little longer.”
Dome Entertainment
Dome Entertainment’s Mazhar Nadiadwala added, “GST would be implemented on the entertainment and events industry, and this would unify the indirect tax administration in India and help the country in two ways. Firstly, it will simplify and make it easy for the consumers to understand. Secondly, it will ease doing business in India. Also, application of GST will result into growth of the country and there will be transparency in the transactions. Under GST, service tax or state tax will be available as a credit which will reduce overall costs and eliminate dual levies of service tax and VAT on transactions. However, every coin has two sides, at one end where we have advantages of GST, on the other end certain businesses will face initial challenges, especially the ones who use traditional methods for transactions.”
ActorsApply.com
An ActorsApply.com spokesperson said, “Government’s proposed reduction in the income tax for smaller organisations will add to the agenda of Startup India thereby expanding the scope for aspiring start ups. Also, the plan to provide a seven-year tax relief will help startups to overcome the losses incurred post demonetisation. The increase in time frame from 5 to 7 years for profit linked deductions was a much needed move specially for emerging start ups. The budget also levelled India’s huge shift towards digitization supporting it with the announcement of use of optic fibre cables for high-speed broadband connectivity in rural areas. This will mean increased Internet penetration through mobile and online mediums thereby boosting the start up sector overall.”
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.
