No sops or relief for the media and entertainment industry in the budget, again

MUMBAI: It was supposed to be a historic budget, but the Indian media and entertainment (M&E) industry once again feels left out.

The focus was clearly on growing infrastructure and healthcare, but no restrictions or allowances for the M&E sector – one of the sectors most affected due to the Covid-19 outbreak.

Industry experts say the budget will usher in more cash flow and push the economy forward quickly.

“Considering that the film industry has been the target of the pandemic for the longest period of time, we were hoping to see specific reform measures. However, we predict that the multitude of measures introduced in the 2021 budget will lead to an increase in personal income leading to an increase in consumer spending in film and entertainment, ”said Alok Tandon, CEO of INOX Leisure.

The industry has been asking for industry status and infrastructure status for the broadcasting sector for many years, both requests were not met this year as well.

Meanwhile, K Madhavan, chairman of the Indian Broadcasting Foundation, said it is a growth-oriented budget that will provide “a strong and much-needed boost” to the engines of economic growth in the wake of the pandemic.

“While there have been no direct benefits to the broadcasting industry, the focus on privatization and support for start-ups and innovation is likely to benefit the entire broadcasting industry. businesses and in turn help the media and entertainment industry, as this will lead to strong growth in advertising, which accounts for two-thirds of the broadcast industry’s revenue, ”he said. “I believe this budget can pave the way for a resumption of economic growth in a meaningful and impactful way.”