Finally, the Finance minister of the nation, Mr. Arun Jaitley has presented the much anticipated Union Budget 2017. The budget has now brought with itself some good news for the Bollywood industry. Although the finance minister has not given any direct relief to the Media and Entertainment industry, but it is very likely that the industry will surely get a boost with a few reforms in the taxation.
While the Media and the Entertainment industry has been looking forward to the 2017 Union Budget and hoping for some good news for the industry, they would now be finally happy after the final declaration of the Union Budget. Among others, the points that Arun Jaitley had raised up to, were Anti-Piracy, Boost to online content consumption, Bringing world cinema to India, GST cover, Boost to Indian movie business and Remonetise.
Reforms In 2017 Union Budget That Will Help The Media And Entertainment Industry
Arun Jaitley was quite vocal while presenting the Union Budget 2017, when talking about anti-piracy. The finance minister has talked about setting up of quick action teams, who will be solely responsible for fighting against the cases of cybersecurity. The boost in the online content consumption will now play a great role in the Indian economics and the entertainment industry. The step will help make the Digital India campaign all the more successful in the remote parts of India.
The ministry talked about ratifying the Foreign Investment Promotion Board, FIPB. This will have a direct impact on the foreign media and entertainment houses and firms, who will now be looking forward to making and releasing their movies in the Indian market. This is because, by the ratification of the FIPB in the Union Budget of 2017, it will become way easier for the foreign media houses to do business in the nation. Although no major changes are done in the GST bill, the finance minister has claimed that from April 2017, awareness programs will be put up, to inform businesses about the new laws.
Apart from this, the boost to Indian movie business and remonetization will have important roles to play in the Union Budget 2017 for the Media and Entertainment industry.