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<ul><li>Finance Minister Nirmala Sitharaman presented the Union Budget for 2022-23 in Parliament on Tuesday.</li><li>This year's budget is indexed towards startups, MSMEs, infrastructure projects, rural revival, digital payment apps, telecom growth and affordable housing.</li><li>We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability, blockchain and push to MSME can impact the ad and marketing industry.</li></ul>Be it the introduction of a Digital University to make education accessible across the country or the proposed launch of a Digital currency by the Reserve Bank of India to the government’s focus on promoting digital payments and fintech, Finance Minister Nirmala Sitharaman made it is clear that digital is the way forward. The Union Budget 2022-23 aims to boost the country's digital infrastructure and enable a cashless economy. The government also announced that it will set up an Animation, Visual Effects, Gaming and Comics (AVGC) promotion task force to give a push to the animation and gaming industry. To facilitate the roll-out of 5G mobile services in India, FM Sitharaman said that Spectrum auctions will be conducted in 2022. This, in turn, will give impetus to Voice, Augmented Reality and Virtual Reality and pave the way for the Metaverse. The Digital Rupee using blockchain will help Indians accept virtual currency and accelerate cryptocurrency exchange in India. Overall, the budget also shows a promise for Electric Vehicle brands, digital payment apps, MSMEs, gaming industry and start-ups. We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability and blockchain can impact the advertising and marketing industry. Here’s what they said: Anupriya Acharya, South Asia CEO, Publicis Groupe: The Budget is positive, growth-oriented and with reforms in the right direction. The advent of 5G is sure to transform communications – for our industry it will help creation of better AV, voice and AR/VR experiences. It will also fuel digital payments, streaming entertainment, gaming, e-commerce, tele-medicine etc which in turn will aid more Unicorns! It is also heartening to note that a special Task Force is being set up for AVGC (Animation, Visual Effects, Gaming and Comic) as this will help us build the much needed capacity both for domestic as well as global markets. And then there have been no changes in income-tax slabs for people, which many consumer segments were worried about. This in turn boosts consumer sentiment. From e-passports, to battery swapping for electric vehicles, setting up of optic fiber in the remotest of villages, setting up of a digital university and skilling through an e-portal, the big push is for technology, digital infrastructure and empowerment. Narayan Devanathan, Chief Client Officer, dentsu India: Having gone through the 38-page document of the Finance Minister’s budget speech, I decided to do a search for a couple of words that I thought kept repeating throughout her speech. The words “will be” occurred 110 times in the entire speech. When I narrowed my search to the single word “will,” the number rose to 362. To me, those two words sum up the essence of what this year’s budget is and is not. What it is, is a future-focused budget, aiming at the distant vision of India@100, with a 25-year Amrit Kaal lead-up. What it is not, and what I felt was sorely needed this year of all years, is a present-focused budget. A punishing 2021 for the aam aadmi with more-than-usual expenditure on health and sustenance meant the general populace was looking for immediate relief that would place more cash in their household budgets. That did not happen. Nor was there any extraordinary investment in relieving the healthcare expenditure burden. For all the importance of farmers in upcoming poll-bound states, there was neither major sop nor stimulus given to back the importance of agriculture as a spine if not engine of the economy. Even the MSME sectors were only handed a slightly longer lease of life with the extension of the ECLGS, but there was no real move to stimulate consumption by placing more cash at consumers’ disposal, for example, extending LTA claims to restaurants (and not just accommodation). There is perhaps plenty for the industry to cheer about since it can afford to think about the future and a slightly longer term than just the here and now of survival. The stock market did cheer up even before the FM’s speech, but that only served to underscore the dichotomy between the real health of the population and the Minority of Haves. When the general population probably can’t afford to wait for the benefits of trickle-down economics to reach them in yet another trying year, the dreams and wheels of a consumer-driven economy might move slower than the industry might like, despite the many future-facing and progressive policies announced. Virat Tandon, Group CEO, MullenLowe Lintas Group: The union budget can be termed as consistent with the government's vision to reach the 5 trillion GDP mark by 2025-26. Hence, the strong focus on capex to boost infrastructure that connects and streamlines middle India and provides the engines of entrepreneurship across the length and breadth of the country. It also shows India's commitment to bring a digital first economy with the 5G rollout planned for next financial year, clarity on India's policy for cryptocurrency, data centres, EVs and our very own digital Rupee. Start-up culture will continue to flourish with the right policy framework. These investments and policies will generate jobs and go a long way in inclusive and sustainable growth for Bharat. Anurag Bansal, COO &amp; CFO, DDB Mudra Group: This Union Budget looks neutral, with no major changes in taxation. The launch of digital Rupee based on blockchain technology is a big move to bring in official cryptocurrency in India. New e-passports with embedded chips would definitely ease overseas travel. Managing the Fiscal deficit while pushing for growth and investments is a great balancing act taken on by the government. It will give a boost to capital investments and infrastructure development. Kartik Sharma - Group Chief Executive Officer – India, Omnicom Media Group: With an impetus on holistic growth, developing infrastructure and job creation across sectors, the 2022 union budget shows promise with a focus on the big picture. Reviving economic growth in the post-pandemic environment has been a focus for this government and this progressive, digital-first, and development-oriented budget reflects that. Not only does it provide a boost to the MSME, agriculture and healthcare verticals, but also signals that investing in infrastructure today will connect India better tomorrow. With an increased focus on digitization, some of the standouts for me were that the budget recognized the current gaps and opportunities within the education sector, and is advancing towards uplifting India with the creation of a digital ecosystem - one that is focused on upskilling and creating more employment; aligned with the dynamic needs of today. It also aims to further strengthen communications in the rural sector and build upon the overall financialization of India. Furthermore, while the rollout of a 5G ecosystem will improve the quality of services, the launch of digital money, supported by blockchain, signals an increasing focus on transparency. With consistency in strategic direction and focus on propelling the MSME and start-up ecosystem, this is a welcoming budget for new-age businesses and a hopeful one that will ultimately lead to a boost in the A&amp;M industry as well. We're at the cusp of the next stage of India's digital revolution and although certain factors like data privacy still remain an area to be delved deeper into, as infrastructure and banking penetrate further into rural India, we’re looking hopeful and strong to transform into a forward-leaning digital economy of tomorrow.” Deepak Mittal, CEO and Co-Founder, TO THE NEW: The government's unprecedented commitment to technology innovation and adoption in this union budget is highly encouraging. Breakthrough developments and futuristic technology such as the introduction of digital currency, the rollout of 5G within FY22-23, and e-passports using embedded chips are exciting for the country's future. Among the measures announced, the budget highlights special incentives to startups and the launch of a progressive, new portal encouraging a digital ecosystem for skilling and upskilling. These initiatives will serve as a successful catalyst for the country's economic growth. Atul Shrivastava, Group CEO &amp; Executive Director at Laqshya Media Group: The union Budget underlined the government’s focus on long-term growth. As India’s economic growth is estimated to be 9.2% in the upcoming financial year so it would be good for all the industry and with overall growth, we are sure advertising &amp; media will also show remarkable growth which was low due to the pandemic in the last couple of years. As announced the National Highways to be expanded by 25,000 km under PM Gati Shakti mission. Highways are adding a new dimension to the growth of the OOH Industry as advertising on the Highways is emerging as very strong choice for brand building for many categories. Prasad Shejale, Founder and CEO, Logicserve Digital: The FM has announced a very progressive budget with an intention to widen India's horizons and outlook in the next five years, leveraging emerging technologies. The Government has addressed some urgent priorities underpinning the digital sector, including the launch of digital currency, API-based skill credentials, digital learning channels, digitization of manual processes, etc. On the digital connectivity front, the 5G spectrum auctions will finally make the dream of a tech-savvy India a reality, further boosting the country's digital infrastructure. Additionally, the launch of a design-led manufacturing scheme for the 5G ecosystem as part of the PLI scheme will ensure affordable broadband and mobile communication even in far-flung areas. The availability of high-speed internet connectivity in urban as well as rural areas will encourage marketers to experiment with blockchain, AR, VR. On the skilling front, initiatives like establishing a digital university will provide an opportunity for youth to learn new skills from the comfort of their homes. The creation of a new task force to build domestic capacity in the Animation, Visual Effects, Gaming and Comic (AVGC) sector is commendable. The overall budget is future tech-enabled and balanced. Ahmed Aftab Naqvi, Global CEO &amp; Co-founder, GOZOOP Group: While there will always be hope for more and better, the continued push towards digital, fintech and the boost for start-up ecosystem with the extension of tax benefits till March 2023 along with capping the surcharge at 15% irrespective of the amount of long term capital gains, will fuel the fire of entrepreneurship in our nation. Varun Duggirala, Entrepreneur, Co-founder of The Glitch, Author, Content Creator and a Podcaster: The twin announcements of the digital rupee and the taxation on ‘virtual digital assets’ is clearly a focused drive from the government to regulate the crypto space. What needs to be seen is how this plays out because regulating a decentralized space is a paradox in itself. Another point that stood out for me was the national mental health program. More than anything else it signifies the normalizing of mental health as a legitimate area of focus for us as a nation. Shrenik Gandhi, CEO and Co-founder, White Rivers Media: In my opinion, it is a fairly balanced budget. There is sufficient emphasis being laid on up-skilling, and making right investments in tech which is the need of the hour. The previous budget was more inclined towards setting up a strong foundation in the digital space, and this one is essentially focused on making further advancements. Besides, Digital Rupee being introduced is indeed, a great news across sectors and it will be exciting to finally watch it become a reality. It can prove to be a game-changer in India's future as transactions will become even more instantaneous. Speaking of the expected benefits, let’s not forget that this is India’s #Budget and not a Big Bazaar scheme announcement. So, the immediate benefit may not be seen right now but considering the long-term narrative, it is a fairly established budget. Sahil Chopra, Founder &amp; CEO- iCubesWire: While the general trend of the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">union budget 2022</keyword> has its emphasis on ease of doing business, I strongly believe, data and digital occupied the centerpiece of the budget. The plans to focus and promote the fintech and digital economy are a very strong positive move. New age technologies, keeping data and digital at heart of it will allow the tech enablers to transform multiple industries. For MSMEs, the government has plans to outlay Rs 2 trillion which is again a welcoming move that will help in enhancing startups as well as entrepreneurial opportunities for all. Besides, extension on tax exemption to startups and promotion of startups to facilitate ‘Drone Shakti’ through varied applications and drones as a service is also encouraging. The ambitious optical fibre to the villages under PPP in 2022-23 shall get the next 100M in the Digital Universe soon. To sum up, it’s a positive budget for the digital sector which has always vouched for a strong digital infrastructure in the country." Chetan Asher, Founder and CEO, Tonic Worldwide: The budget clearly will help the country march towards digital adoption and transformation in many sectors. With 5G rollout on the cards we will see an acceleration across the board. The digital rupee will put India right up on the map of advanced digital economies. Clarity on Digital assets and crypto will give it new impetus. All of these initiatives will help us emerge as leaders in adoption and growth of blockchain technology Ambika Sharma, Founder &amp; MD, Pulp Strategy: The Budget is interesting as the Government has focused on all sectors. The financial support for the digital payments ecosystem is a welcome move and further reaffirms the Government of India's digital banking push. This push on digitization will make way for more inclusion in the ecosystem. The focus on 'Ease of doing business is a great step, as it will further promote entrepreneurship in the economy” . The 2022-23 budget finely balanced fiscal retreat with supporting economic recovery. The budget focused on a familiar strategy of driving capital expenditure to drive growth, to crowd in private investment through higher public spending. Although markets could be disappointed with a higher fiscal deficit of 6.4% of GDP for FY23 than expected, it is perhaps prudent to not undertake aggressive fiscal consolidation at this nascent stage of recovery. While elevated market borrowings are likely to pressurize bond yields, the inclusion of green bonds in the borrowing plan is an interesting innovation. In terms of specific policy announcements, the move towards self-reliance through protection for domestic manufacturers (change in custom and import duties) aligns with the long-term goal of Atmanirbhar Bharat. The government has extended the startup tax holiday and concessional tax for manufacturing startups by a year. While that was on the cards, it doesn’t address the core need of startups to be given a longer tax holiday of 5 years as required. One of the most encouraging aspects of the budget has been the announcement to set up an AVGC (animation, visual effects, gaming, and comics) promotion task force to plan and build domestic capacity for serving domestic as well as global markets. Loss from the transfer of virtual digital assets cannot be set off against any other income. The creation of a unified logistics platform and the developments of 100 new cargo terminals in the next three years are significant steps in improving the supply chain ecosystem in the country. Infrastructure status given to Data Centers will provide a huge boost to the fast-evolving digital environment of the country. The fiscal outcome is broadly in line with our expectations with the government having continued its focus on infrastructure and rural demand. Himanshu Arya, Founder and CEO, Grapes: The Union Budget for the financial year 2022-23 has set the stage with an invigorated focus on ramping up the process of the digital revolution. The government’s focus on the digital ecosystem is a progressive move to render an inclusive landscape for job openings and entrepreneurial opportunities. The extension of tax incentives for startups for one more year will give a slight relief to the industry. I hope that the cash flow improves in the market. The Union Budget has various encouraging initiatives and is directed towards a more viable and flexible business ecosystem that completely aligns with the ideologies of Make in India. Siddharth Devnani, Co-Founder &amp; Director, SoCheers: Digital and digitization stood out as a strong overall trend in the Union Budget 2022. The budget put a great focus on long-term growth and given how intricately ‘digital’ was integrated into several measures, it can be seen as an integral part of that growth. Implementation of the Central Bank digital currency will definitively aid the growth of digital economy and finance in the country, opening doors for digital acceleration across sectors. The announcement about the new digital university and the renewed focus on digital learning, further presents an opportunity, especially to the fast-evolving Educational Technology sector. However, a definite plan on how this will pan out for all corners of India remains to be seen. Moreover, digital will also be leveraged in the set-up and operation of tele-mental health centres, providing the necessary focus and access to mental health services to the Indian masses. This comes as one of the most welcome move as it’ll contribute infinitely to the nation’s long-term growth.

The advertising industry voices its enthusiasm about the government’s steps towards boosting digital ecosystem in Union Budget 2022-23

<ul><li>Finance Minister of India Nirmala Sitharaman presented the Union Budget on February 1, 2022.</li><li>Struggling with high inflation and tepid rural demand, FMCG companies were hopeful for some positive news, steps and reforms that would help boost consumption in the economy.</li><li>However, with no changes in personal tax, there isn’t for hope for a drastic change in consumption and demand.</li><li>At the same time, there are enough subsidies to support the rural areas of the country.</li><li>Here’s what leading FMCG companies have to say about the Union Budget 2022-2023.</li></ul>The Union Finance and Corporate Affairs Minister Nirmala Sitaraman presented the Union Budget for 2022-2023 on February 01, 2022. The government announced that 5% of the annual collections under the Universal Service Obligation Fund will be allocated to improve broadband and mobile service penetration in rural India. This move will allow Fast Moving Consumer Goods (FMCG) brands and all businesses to cast their net a little wider in rural areas via mobile services. The government’s plan to expand the National Highway network by 25,000 KM, the Gati Shakti plan to strengthen seven engines of infrastructure, the launch of 100 new cargo terminals, will further open up new roads for brands and improve logistics efficiency. It will also create new job opportunities in rural areas, improving consumption and demand. The finance minister also mentioned that the government intends to pay ₹2.7 lakh crore worth of minimum support price (MSP) direct payments to wheat and paddy farmers. The government is also looking to deploy drones for agriculture monitoring, crop assessment, digitisation of land records and spraying of insect pesticides. These initiatives will help boost rural incomes and aid the growth of FMCG companies. The Union Budget aims to facilitate ease of doing business and give a push to consumption by providing employment opportunities, improving infrastructure, focusing on technological advancement and accessibility. Here’s how these subsidies for rural India will pave the way for FMCG growth: Mayank Shah, Senior Category Head, Parle Products: First of all, putting money in the hands of consumers really helps, so they go out and buy products. So that was more on the front of ensuring that the demand remained robust given that we have gone through two years of pandemic. That was something that industry expected, either by tax cut, or by increasing the slabs tax brackets or by probably increasing the standard deduction limit. Those were the things that we expected but not much has been done there. However, on the second front of job creation, the government has done a lot. The budget talks about seven engines driven by PM GatiShakti that will definitely boost employment and increase the number of jobs. The budget also talked about 60 new jobs to be created in the next five years. That is relatively a longer process compared to the first expectation which was putting money in the hands of consumers, which would have yielded immediate results. A 20,000 crore boost in transportation infrastructure will definitely help in terms of job creation going forward. Another thing the government would have ensured on the rural front was increased allocation to MGNREGA or direct benefit transfer. In Fact they chose the other way. In terms of rural demand, when you're talking about putting money in the hands of rural consumers by increased MSP and increased MSP allocation, it is also going to have an impact on the inflation because if you increase the MSP, that eventually is going to increase the cost of agri products, primary inputs in food processing. So procurement is going to be increased. The current challenge ahead of most FMCG companies, which is managing inflation, probably would be aggravated, so I consider it to be neutral. Probably placing this money in the hands of consumers through MGNREGA or DBT would have ensured demand to remain robust. Ahmed ElSheikh, President, PepsiCo India: Reviving economic growth, increasing consumption, and fostering investment to fuel post-pandemic growth have been key objectives for the government, and the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">Union Budget 2022</keyword> reflects this very intent. This year's Union Budget lays forth a vision for India at 100 years. The Government is leading from the front by raising public sector spending to keep the economic recovery on track. Digitization combined with infrastructural creation will accelerate economic development, stimulate innovation and entrepreneurship enhance living standards while keeping sustainability at its core. The increased outlay for PM Gati Shakti projects for multi-modal connectivity including 100 new railways logistics hubs coupled with steps like enhancing local oilseed production, extending the last date for starting production for new manufacturing units, encouraging alternate cropping will aid growth of the FMCG sector and further strengthen Govt’s vision of an Atmanirbhar Bharat. Saugata Gupta, MD and CEO, Marico Limited: With this Union Budget, the government has laid out a growth oriented, future focused blueprint for India. By prioritising job creation, infrastructure growth and strengthening digital capabilities while making ‘inclusive development’ and ‘financing of investments’ two of the key focal points of the Budget, the government is successfully laying the groundwork for faster financial inclusion and expansion of the credit ecosystem. It has undertaken some key initiatives targeted towards credit growth, farmer welfare, improving the health and education infrastructure, digital currencies and start-ups which will benefit young aspirational Indians. If executed well, the budget will trigger the virtuous cycle of economic growth and employment creation, leading to momentum in growth. I believe that the budget has several inclusive measures and policies that balance consumer needs with industry requirements. It encapsulates the spirit of an Atmanirbhar Bharat and takes strong steps towards fulfilling that vision. Venkatesh Vijaraghavan, Director &amp; CEO - FMCG, CavinKare: We welcome the futuristic, investment-led, growth-oriented Budget with a strong impetus to infrastructure and capability building, which would boost GDP, Atmanirbartha, economic stability and job creation, thereby reaping demographic dividend. Ghanshyam Khandelwal, Chairman, BL Agro: The budget was as expected. We didn't anticipate the industry to take centre stage because several schemes for the FMCG sector have already been implemented in recent years. However, the mention of a rationalised strategy to improve domestic oilseed production and minimise reliance on imports was welcomed. A more promising statement was the package that centers on farmers adopting appropriate fruits and vegetables, as well as proper harvesting practices. The move will go a long way towards uplifting the food processing sector. Harsha V. Agarwal, Director, Emami: A very forward-looking budget with focus on capital expenditure which should drive growth. The ease of business in India has also been prioritised. So over all the budget pulls no surprises and focuses on growth of the Indian economy. Amrinder Singh, Director, Bonn Group of Industries: As the social security benefit of state and central government employees has been enhanced in this Union budget 2022, we are expecting that it will spur the consumption. The government has put money in consumer’s hands and ensured that the demand is not getting affected by increasing the tax deduction limit by 14 percent of the state government employees. Vikram Agarwal, Managing Director, Cornitos: The Union Budget 2022-23 is a progressive budget, our Government is concentrating on infrastructure, employment generation, and future developments. This appears to be a growth-oriented budget as efforts are being made to reduce compliance burdens and improve ease of doing business. The Budget has given an extension of the ECLGS Scheme which would provide much-needed help to the MSME sector especially the hospitality and related food processing segments. The past few years have been tumultuous for the hospitality segment and I am hopeful that this initiative gives the industry a much-needed boost.

Union Budget 2022-2023: Here’s how FMCG brands reacted to the budget

The decline in the tax-GDP ratio over the years and declining share of direct taxes in total tax revenue, clearly suggest that the Central government should emphasize in the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword> 2022-23 on substantially improving the tax revenue, Primus Research said in a note. The policies regarding 'tax effort' could be designed through various ways such as, rationalising tax rates, policies regarding widening tax base and net, and improving tax compliance and tax administration. This process would have enormous implications on ameliorating economic growth, deficit (in both the absolute term and as per cent to GDP) would come down. It added that the Budget for FY 2022 should continue to provide more support on the demand side than the supply side by reviving the informal sector and MSMEs. It is expected that against contraction in revenues, increase in expenditures could collectively revive the aggregate demand in the economy. This could lead to a high growth in the near future, henceforth, reducing the fiscal deficit (estimated to be 6.8 per cent in 2021-22) both in absolute terms and as a percentage of GDP. In this regard, it is expected that central government would re-assess its ministry-wise allocations, and increase spending on social and economic sectors to boost aggregate demand in the economy. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2022-expectation-in-higher-standard-deduction-tax-slabs-and-covid-insurance/slidelist/88891751.cms">From higher standard deduction and change in tax slabs to clarity on Covid insurance, here’s what tax experts want from Budget 2022</a> <a href="https://www.businessinsider.in/budget/news/the-indian-government-has-spent-less-than-half-the-money-it-had-budgeted-for-capital-investments-so-far/articleshow/88852518.cms">The Indian government has spent less than half the money it had budgeted for capital investments, so far</a>

Widening tax base should be a focus area in the Union Budget, says Primus Research

<ul><li>As per Kantar's new report, the public wants the government to further invest in public health infrastructure and other favourable policies like tax deductions for insurance, which help alleviate the burden of medical expenses.</li><li>60% of consumers also expect the government to prioritize subsidies on electric vehicles in the coming year.</li></ul>Kantar, the world’s leading insights and consulting company, has just released findings from its first-ever India budget survey. This survey maps consumer sentiments and expectations from the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">union budget 2022</keyword>, just ahead of it’s unveil on Feb 1st. Most Indians are looking forward to the budget 2022 as they have had a largely positive experience with the 2021 budget. 2 out of 3 consumers claim that the 2021 budget positively impacted their household budget in the past year. Consumers in the 21–35 age band are more enthusiastic (68%) as compared to the ones in the older age band of 35-55 which stands at 56%. Overall, most are upbeat about what the 2022 budget holds. As the pandemic continues to enter its third year, consumers expect the government to continue focussing on healthcare with 66% expecting an increase in the healthcare budget allocations and strengthened policies. Interestingly, consumer sentiments around electric vehicle subsidies and schemes see traction amongst consumers as well. With increased focus on climate change and sustainable living, 60% consumers expect the government to prioritize subsidies on electric vehicles in the coming year. However, fuel prices continue to remain a concern. Majority (72%) expect the government of India to bring petrol and diesel under the ambit of GST, with an expectation it may reduce fuel costs. This expectation is higher among metros (74%) than non-metros (65%). With respect to consumer expectations in terms of tax deductions, investments under 80C covering multiple investment options emerged at the first rank with 60% claiming they want an increase in deductions from the same. The younger, affluent salaried class consumers seem to have a higher desire (65%) for this, as compared to mass consumers (57%). 53% consumers claim they want an increase in deductions for their medical/ health insurance as well. This links back to increased health care expenses over the last 2 years. Expectedly, this number is higher amongst the non-metro consumer at 57%. Home Loan EMI emerges third with 39% consumers seeking an increase in tax deduction on their Home Loan EMI’s. A higher skew for this increase is seen in Metros at 41%. Consumers are leaning towards adopting the new tax regime since it came into existence on April 1, 2020. 55% claim that they intend to choose the new tax regime in 2022. Cryptocurrency as an investment avenue is expected to continue making noise this year as well. As per a Kantar’s cryptocurrency survey from July 2021, 19% Indians intended to invest in cryptocurrency in the next 6 months in Urban India. As of December 2021, this number has increased to 32%. This is possibly driven by awareness and exposure that advertising and celebrity endorsements have generated over the last few months. Millennials seem to be keener on trying this new investment avenue as their intention to invest is higher at 32% as compared to those in the age group of 36-55 years which is at 26%. Majority expect India to launch its own official cryptocurrency in 2022. There is an overwhelming preference towards investing in India’s cryptocurrency with 79% claiming to invest in that over existing cryptocurrencies like Bitcoin, Ethereum, Dogecoin etc. This is driven by the perceptions of it being more secure due to clear regulations laid down by RBI. Commenting on the findings, <keyword id="10859748" type="General" weightage="20" keywordseo="deepender-rana" source="Orion">Deepender Rana</keyword>, Executive Managing Director- South Asia, Insights Division, Kantar, said; “As we step into the third year of the pandemic, the public wants the government to further invest in public health infrastructure and other favourable policies like tax deductions for insurance, which help alleviate the burden of medical expenses. Concerns about fuel prices come through, as does a desire that government should help us wean ourselves off dependency on dirty and ever more expensive fossil fuels, through e-vehicle subsidies. Meanwhile, as cryptocurrencies take off and the government mulls a tax on crypto transactions, investors want the government to play a role in encouraging yet regulating these innovative finance instruments through India’s own cryptocurrency.”

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The advertising industry voices its enthusiasm about the government’s steps towards boosting digital ecosystem in Union Budget 2022-23

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Union Budget 2022-2023: Here’s how FMCG brands reacted to the budget

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Widening tax base should be a focus area in the Union Budget, says Primus Research

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Consumers expect healthcare sector to see an increased allocation in the 2022 budget as the pandemic rages on: Kantar report

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