As the Union Budget 2024-2025 approaches, leaders from various sectors are voicing their expectations and hopes for the upcoming financial year. Among them, Hiren Gada, Whole-Time Director and CEO of Shemaroo Entertainment Limited, shared his insights on what the media and entertainment industry needs to thrive.

Gada emphasized the critical role of disposable income in driving growth within the media and entertainment sector.

“The growth of the media and entertainment industry relies on consumers’ ability to spend on leisure and entertainment,” he stated in a statement issued by Shemaroo.

Highlighting the need for increased consumer spending power, he underscored the importance of nationwide employment programs and tax reductions to enhance discretionary spending.

“Increasing disposable income by focusing on boosting employment through nationwide programs and reducing the tax burden are essential,” Gada continued. He pointed out that these measures would not only benefit the media and entertainment industry but also contribute to the overall economic health of the nation.

Looking towards the future, Gada expressed his anticipation for a budget that fosters growth and innovation. “We anticipate a budget that not only sustains our growth but propels us towards new horizons,” he remarked.

He stressed the importance of financial incentives and allocations that stimulate research and development in technology, particularly artificial intelligence, within the media and entertainment sector.

Gada proposed several specific measures that could significantly benefit the industry. These include grants, tax credits, and subsidies for businesses engaged in innovative tech solutions.

“The allocation of funds and providing financial incentives to stimulate research and development in technology, especially artificial intelligence, for the media and entertainment sector will be beneficial,” he said.

Gada’s insights highlight the need for strategic investments and policies that can drive sustainable growth and innovation. The media and entertainment sector, with the right support, is poised to reach new heights, leveraging technological advancements to enhance consumer experiences and drive economic progress.