Budget
Union Budget 2018: Populist budget fails to excite industry at large
MUMBAI: The Union Budget finally arrived today with all eyes fixated on Finance Minister Arun Jaitley. He presented his fifth Union Budget, which was also the last one for the Modi government before India sets out to choose its new prime minister next year. Riding on optimism, different research firms, news broadcasters and media companies kept speculating for about a month on what exactly should this year’s budget hold for India.
While the Union Budget 2018 was essentially a populist budget as Lok Sabha elections are due next year, it turned out to be a rather disappointing one for the advertising and media industry but it was a big thumbs up for Digital India and digitisation. The budget focused on the middle class and rural population, guided by the mission to strengthen India’s agriculture, rural development, health, education, employment, MSME and infrastructure sectors.
With a view to promote digitisation, the government is set to make the necessary investment in robotics, internet of things (IoT), artificial intelligence (AI), digital manufacturing and big data analysis with the NITI Aayog to establish a national programme to direct efforts in artificial intelligence. The government has committed itself to the development of technology along with concentrating on AI and its applications, a revolutionary move for the digital industry. The ministry has decided to double its Digital India budget to around Rs 3000 crore.
The ministry has also proposed to set up 5 lakh Wi-Fi hotspots to give access to 5 crore rural citizens, which means digital and internet penetration into smaller pockets of the country will result in increased data consumption across India. The move will help brands, agencies and OTT players to create target content for such markets.
In a move to regulate the cryptocurrency market in India, Jaitley said that the government would take essential measures to eliminate the use of crypto assets in financing illegitimate activities. He, however, maintained that the Indian government will explore the use of block chain technology proactively to usher in the digital ecosystem.
Jaitley also announced the allocation of Rs 10,000 crore for creation and augmentation of telecom infrastructure. He also noted that micro, small and medium enterprises (MSME) are a major element for growth and mass formalisation of the MSME sector is slated to happen after demonetisation and GST, which took place in 2016-17.
In what turned out to be the world’s largest government-funded healthcare programme, Indian ministry will launch health scheme to cover 10 crore poor families. The flagship national healthcare protection scheme of the government will provide upto Rs 5 lakh per family per year for secondary and tertiary care hospitalisation of members.
The television and handset companies did receive a blow as mobile phones are now set to become costlier as the custom duty on them has been increased to 20 per cent. The move comes with an aim to promote the government’s ‘Make in India’ initiative.
Customs duty on crude edible vegetable oils such as groundnut oil, safflower seed oil has been hiked from 12.5 per cent to 30 per cent while on refined edible vegetable oil it has been hiked from 20 per cent to 35 per cent. Customs duty on imitation jewellery’s been increased from 5 per cent to 15 per cent in 2016 to 20 per cent now with duty on sunglasses, cigarette lighter, toys, bus and truck tyres, select furniture also seeing a similar hike. The import duty on smart watches, wearable devices, footwear has now been doubled to 20 per cent whereas the duty on LCD/LED/OLED panels has been hiked to 15 per cent. The import of solar-tempered glass for manufacture of solar cells will be exempted from customs duty.
While the health and education cess has been increased to 4 per cent, the aam aadmi who was positive about having to pay less tax will be disappointed as the government did not propose any change in the tax slabs for the salaried class this year.
Also Read:
Industry holds bright outlook for budget 2018
Union Budget 2018: Industry expects govt to favour consumption
Is India ready for the impact of AI on marketing?
A year after demonetisation: E-payment services emerged winners
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.
