Interim Budget could have an indelible impact: A digital perspective

As India basks in the spotlight of the G20 presidency and the World Cup's electrifying energy, all eyes turn to the upcoming Interim Budget 2024. This budget isn't just about numbers; it's a pit stop in a digital marathon, a crucial moment to assess progress, adjust strategies, and fuel the next leg of India's extraordinary digital journey.

While it may not carry the full weight of a regular budget, the interim edition holds immense potential to shape the trajectory of India's digital story. The recent successes are undeniable: hosting prestigious events, witnessing a thriving start-up ecosystem, and brimming with digital potential in every corner. This budget has the potential to capitalise on this momentum, addressing existing pain points and paving the way for a stronger, more inclusive digital future.

From G20 spotlight to digital blueprint

Beyond a stopgap measure, this interim budget can be the blueprint for a digitally-charged future. It has the power to leave an indelible mark on every aspect of Indian life, from advertising and payments to how we engage with the world.

Why Digital? Because from every UPI transaction to AI-powered interaction, India is inching closer to becoming a global economic powerhouse.

So, where do the stopgaps lie, and how can this budget be the digital bridge to it?

Digital advertising

Companies want to know exactly who sees their ads and how effective they are, while people making the content deserve a fair cut of the money. Websites and apps, meanwhile, have to balance protecting user privacy with showing relevant ads. To fix this, clear rules for ad tracking, tax breaks for smaller content creators, and rewards for platforms that follow the rules could help everyone benefit equally. This would make things fairer and smoother for everyone involved in the online ad game!

Influencer marketing 

Influencer marketing is booming, but it can feel like the rules keep changing. Shoppers want to know when someone's promoting something just for money, brands want real connections with influencers, and influencers themselves need clear rules and help to navigate the online world. To clean things up, clear guidelines for disclosing sponsorships and ads can be like a trusty sheriff, building trust between all parties and leading the way to responsible partnerships. This would make influencer marketing safer and more effective for everyone involved – brands, influencers, and even the people seeing the content!

AI, CGI and deep fakes

AI and CGI are transforming marketing, adding wow factor to even the most ordinary campaigns. However there are concerns about the responsible use of these tools and who gets to play with them. The budget's scope may not directly encompass cutting-edge technologies like deep fakes, but its focus on responsible AI development can indirectly influence their ethical use. By prioritising transparent frameworks and user privacy regulations, we can ensure these powerful tools are harnessed for good, enriching creative expression and fueling innovation, while mitigating potential misuse. This ensures everyone has the chance to play a responsible role in shaping the future of these transformative technologies.

India's Animation, Visual Effects, Gaming, and Comic (AVGC) sector 

AVCG Sector is a rising star, boasting a young and talented workforce and the potential to become a global content powerhouse. However access to cutting-edge technology and skilled professionals remains a hurdle. Targeted investments in AI and CGI infrastructure, like high-performance computing clusters and rendering farms, would be a game-changer. Imagine Indian studios creating world-class animation for Hollywood blockbusters and captivating video games that compete with international giants. This move wouldn't just boost the creative industry but also attract foreign investment and create high-paying jobs.

EdTech and Digital learning

Online learning platforms can offer high-quality education to everyone, especially in remote areas where access to traditional schooling might be limited. This opens up exciting possibilities for students. To make this a reality, the budget could direct funds towards three key areas: creating high-quality educational materials for online platforms, providing students with affordable tablets and internet connections, and supporting the development of new and innovative EdTech companies. By investing in these areas, we can ensure that everyone has the opportunity to benefit from a quality education, regardless of their location or background.

With more Indians online, brands are going to be scrambling to cut through the clutter. We at White Rivers Media are already prepped to help brands navigate this exciting new landscape. Influencer marketing, AI-powered campaigns, hyper-targeted experiences – the possibilities are endless, and we're at the forefront of it all.

A well-crafted budget can be the catalyst that propels India's digital journey to new heights. By addressing the pain points, nurturing talent, and fostering a welcoming environment for brands and startups, the government can not only strengthen the digital revolution but also ensure its long-term success. This is an investment not just in numbers, but in the future of a nation – a future where India stands tall as a digital powerhouse, its story told not just in bytes and code, but in the dreams realised and lives transformed.

Remember, the G20 spotlight shines bright, and the world watches with anticipation. This is India's moment to seize, to write its digital destiny, and to prove that it's not just a participant in the digital revolution, but a leader, an innovator and an inspiration. 

This article is penned by Shrenik Gandhi, Co-founder and CEO, White Rivers Media

Disclaimer: The article features the opinion of the author and does not necessarily reflect the stance of the publication.