Indian broadcasters including ZEE Entertainment Enterprise Limited and Viacom18 have reacted to today’s Budget 2017 news.
Sudhanshu Vats, Group CEO, Viacom18 & Chairman, Media and Entertainment Committee, CII, said, “Much had been speculated about the economic slowdown post demonetization. With this budget, the government has taken important steps to boost the economy in a structured manner, building on the promise of transparent growth. Steps to liberalize the FDI regime further coupled with the abolishment of FIPB and tax reforms for MSME’s are bound to have impact in the foreseeable future. This budget has seen some positive solutions to tackle poverty in our country including one of the highest allocation of funds to MNREGA and rationalization of rate for the lower personal tax slabs. I am particularly enthused by the strong reforms push for digitization and look forward to digital transactions increasing in the country. This also augurs well for digital consumption of video content. The move to cap political donations in cash at Rs 2000 and all cash transactions at 300,000 are also much-needed, bold steps that are in line with the government’s commitment to uprooting corruption. With Swaach Bharat being close to our hearts, the budget has built further on this theme in a welcome move. I’ve said this before and will say it again: as the M&E sector we have a lot to gain from buoyance in the economy at the aggregate level and I believe this Budget has delivered on that front.”
Punit Goenka, MD & CEO, ZEE Entertainment Enterprises Limited took to Twitter to say, “#Budget2017 speaks a lot about the Government’s positive & committed approach towards creating a stronger & balanced economy. Being directionally right & focused on spending in growth centric areas, it clearly reassures the fact that #Remonetisation is in!”
Meanwhile, the Indian Broadcasting Foundation (IBF) commends the efforts put by the Finance Minister in presenting a reform oriented budget mainly focused on Rural, Social and Infrastructure sectors. We are certain it will help in further strengthening the foundations of the Indian economy.
The IBF welcomes the Finance Minister’s proposal to allow carry forward of Minimum Alternate Tax (MAT) up to a period of 15 years instead of the present 10 years. “The Foundation was, however, extremely hopeful that the Government would consider the suggestion for granting ‘infrastructure status’ to the broadcasting industry along with permission to carry forward of losses in case of amalgamation or merger as that would have made the M&E sector a more viable engine of speedy growth”, said Girish Srivastava, Secretary General of IBF.