The industry voices its enthusiasm about the Union Budget 2022-23

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.

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.To facilitate the roll-out of 5G mobile services in India, FM Sitharaman said that Spectrum auctions will be conducted in 2022. Overall, the budget also shows a promise for Electric Vehicle brands, digital payment apps, MSMEs, gaming industry and start-ups.

The journalist 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.

Read the full media coverage here.