Earlier this week, the cabinet list was announced by the new NDA coalition government and the key portfolio of finance has stayed with Nirmala Sitharaman.
RELATED: PRmoment is working on a new business monitor for the PR business in India. To take part click on the form's link here. All answers are completely confidential and no individual respondent will be quoted or identified. The data will be used to write a quarterly story on www.prmoment.in on new business in the PR industry.
Government is Stable
Nitin Mantri, Regional executive managing director for Asia-Pacific at WE Communications, and Group CEO at Avian WE says, "Markets are generally focused on the stability of the government and its growth-oriented policies. The key point is having a stable government, whether it is a one-party majority or a coalition, and I believe we have that. The RBI's recent increase in the growth projection from 7% to 7.2% reflects confidence in the economy. So, if the current coalition government continues to implement clear and consistent policies, pro-business reforms, and enhanced transparency, I see no reason why this positive business sentiment won’t continue."
India Inc: Cautious Optimism
Aman Dhall, founder, of CommsCredible feels that while the government is stable he sees India Inc. exercising cautious optimism over the next 6-9 months, "The business sentiment will evolve, as the new coalition government settles down. The last coalition government (UPA) took office in 2009, and today's BJP leadership is markedly different from the one in the 1999 NDA coalition."
Dhall adds, "Startups will aggressively pursue their business plans to meet investor mandates. Meanwhile, large businesses will remain cautious, waiting to gauge the new government's policy direction."
RELATED: PRmoment is working on a new business monitor for the PR business in India. To take part click on the form's link here. All answers are completely confidential and no individual respondent will be quoted or identified. The data will be used to write a quarterly story on www.prmoment.in on new business in the PR industry.
Impact on PR industry growth
Dhall is confident about growth in the next 6 months of 2024 saying, "I foresee business as usual for the PR industry. Many budgets on hold due to the elections will cautiously open up over the next six months.
I particularly expect kingmaker states like Andhra Pradesh and Bihar to drive higher demand for both sunrise sectors and traditional businesses in the PR and communications field."
Mantri points out, "We are experiencing a vision-action gap in AI adoption across industries, a fact highlighted by our latest 'Brands in Motion Tech Report 2024'.
While most business and PR leaders are optimistic and extremely enthusiastic about AI, they are lagging in adoption. This gap must be closed in the coming years.
In areas of expertise, AI and data analytics fluency will be key and upskilling is crucial. Agencies must ensure their teams have the skills to leverage these advanced tools effectively."
Apart from an in-house AI training model, Avian has also implemented a 'Junior Analysts Programme' that offers work-from-home data analytics jobs to talented young professionals in small Indian towns-they are supplied with tech resources and training with opportunities to work with Avian. This helps Avian unlock talent from smaller cities.
PR Growth in the latter half of 2024
Discussing what growth will look like going forward Mantri explains, "Although the growth rate had slowed last year, the current political stability is expected to accelerate the pace."
Mantri hopes to see continued growth in the fintech and health sectors. He also flags policy and crisis communication as areas of ever-growing importance as uncertainty continues to influence geopolitics.
Dhall feels the growth sectors will remain the same post-elections, including BFSI, auto (EV), energy, manufacturing, roads & infrastructure, technology/ITES/IoT/AI,
He, however, feels that "Food processing, agriculture, textiles/apparel, and life sciences will receive an additional boost due to the coalition government mix."
PR is becoming more strategic, integrated, and outcome-oriented, and Dhall expects the industry to continue progressing in this direction.
RELATED: PRmoment is working on a new business monitor for the PR business in India. To take part click on the form's link here. All answers are completely confidential and no individual respondent will be quoted or identified. The data will be used to write a quarterly story on www.prmoment.in on new business in the PR industry.
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