Union Budget 2024: Creator Economy & Startups Pin Hope
Continued investments in digital infrastructure, technology and innovation remain top priorities for experts across the two sectors
As the Union Budget 2024 nears, there is optimism that this will bring notable initiatives to boost the advertising and marketing industry as a whole and many sectors associated with it. Experts from the creator economy and startups have put forward their expectations, unanimously agreeing to digital infrastructure and technology being the top drivers. They brim with hope as look forward to the policy changes by FM Nirmala Sitharaman on July 23, which will eventually decide the fate of the digital economy in reaching its $1 trillion goal by 2026.
Call Of The Creator Economy
As we look ahead to the upcoming budget, experts remain confident about the continued growth and support for the creator economy in India. Vaibhav Gupta, Co-founder and CPO, KlugKlug says, "In previous budgets, the government has recognised the significant impact of digital platforms and content creation, but more focused initiatives are needed to address the unique challenges faced by influencers and marketers alike. The previous budget introduced measures to improve digital infrastructure and internet penetration, which are critical for the creator economy.”
For Gupta, a continued investment in digital infrastructure is crucial for the expansion of the creator economy. The previous budgets have focused on enhancing internet penetration and connectivity, which is essential for creators to reach wider audiences. Further improvements in internet speed, accessibility, and affordability will enable more individuals to participate in the digital economy.
Commenting on similar lines, Gautam Madhavan, Founder and CEO, Mad Influence, is looking forward to policies that will bolster the digital economy. “Past budgets have focused on digital literacy and expanding internet access, with the BharatNet project aiming to connect 2.5 lakh gram panchayats by optical fibre. Expanding internet infrastructure and promoting digital literacy, especially in rural areas, will enable more individuals to participate in the digital economy.”
These measures will drive growth in the influencer marketing industry and contribute to broader economic development, believe experts.
Story Of The Startups
For the startup ecosystem to prosper, it will be essential to foster a conducive environment for technological innovation, especially when the previous budgets have shown a commitment to infrastructure development. Pankaj K Arora, Co-Founder, Whilter.ai, emphasises the need for targeted support for startups. “Startups are the backbone of innovation, driving economic growth and creating jobs. The government should simplify regulatory processes, provide tax incentives, and ensure better access to funding for early-stage ventures,” he asserts.
Prady, CEO and Managing Partner, NP Digital India, also points towards initiatives for MSMEs and the burgeoning startup sector through financial assistance, tax benefits, and digital adoption incentives, which will empower these businesses to scale their marketing efforts. “By fostering an environment of innovation and growth, the budget can pave the way for a thriving advertising/marketing ecosystem," he expresses.
Overall, it wouldn’t be wrong to say that the technology and startup ecosystem is looking for regulatory support, efficient funding, and enhancements in electronics policy to strengthen local manufacturing and global competitiveness.
