New Delhi: In a move to advocate for the media industry ahead of the upcoming Union Budget, Rakesh Sharma, President of the Indian Newspaper Society (INS), met with Finance Minister Nirmala Sitharaman on Wednesday.
Following the meeting, Sharma described the interaction as “very cordial and fruitful,” indicating a positive discussion regarding the media’s concerns and demands for the upcoming budget.This meeting comes ahead of the full Budget presentation slated for July 22nd, 2024. Previously, Sitharaman had presented the Interim Budget in February 2024.
The media industry is likely looking for budgetary measures that address their specific needs. In the previous year’s budget, the Ministry of Information and Broadcasting (MIB) received Rs 4,342.55 crore, which marked a slight decrease from the prior year’s allocation of Rs 4,692 crore. Prasar Bharati, the national broadcaster, was allocated Rs 2509.94 crore, while the Press Council of India received Rs 15.64 crore. Notably, the highest allocation within the MIB went towards the development of the broadcasting sector, at Rs 2959.94 crore.
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While specific details of the discussions haven’t been made public, it’s likely that the INS and media representatives presented their proposals for budgetary support that would foster the industry’s growth and development. This could potentially include measures to address issues like:
Digital transformation: Support for media organizations in adapting to the evolving digital landscape.
Taxation: Revisions to tax policies that could benefit the media sector.
Advertising revenue: Measures to boost advertising revenue for print and digital media outlets.
The upcoming budget presentation on July 22nd will be keenly watched by the media industry, as it will reveal the government’s plans for supporting this vital sector.
