INVC NEWS
New Delhi : As the political landscape in India gears up for the upcoming Lok Sabha elections 2024 , the air is rife with anticipation and preparation. While the official dates for the Lok Sabha elections have not been announced yet, both the ruling Bharatiya Janata Party (BJP) and the opposition parties are flexing their muscles, getting ready for what promises to be a fiercely contested battle.
Anticipated Expenditure
Estimates suggest that various political parties could spend anywhere between ₹1500 to ₹2000 crore on their election campaigns during this Lok Sabha election. This staggering amount underscores the significance and intensity of the political battleground they are about to enter.
According to a report, Prashant Kumar, the CEO of GroupM South Asia, has claimed that political parties could shell out up to ₹2000 crore during the campaigning period. This colossal expenditure is expected to benefit not only the advertising industry but also individuals and organizations involved in publicity and propaganda.
Allocation of Funds
Prashant Kumar further elaborated that political parties are likely to allocate 55% of their election campaign budgets towards digital media and advertising, while the remaining 45% will be devoted to other campaign strategies and mechanisms. This significant allocation to digital media highlights the evolving landscape of political communication and outreach strategies.
Moreover, with the backdrop of other major events such as the Indian Premier League (IPL) and the ICC T20 World Cup scheduled for the same year, the advertising industry stands to gain substantially from the influx of funds and increased promotional activities.
Impact on Industries
The surge in advertising expenditure is expected to have a ripple effect across various industries. Digital advertising, e-commerce, and the television industry are projected to reap substantial benefits from the heightened political campaigning activities.
Kunal Lalani, the President of Crayons Advertising, commented, “I believe that the advertising expenditure on the 2024 Lok Sabha elections will far exceed that of the 2019 elections.” This statement underscores the magnitude of financial resources that political parties are willing to invest in their campaign endeavors.
Differential Spending Patterns
It is anticipated that national parties such as the BJP and the Congress will predominantly allocate larger sums towards campaign publicity, whereas regional political parties may have relatively smaller election budgets at their disposal.
In conclusion, the projected expenditure of ₹2000 crore for the 2024 Lok Sabha elections signifies the intensifying competition and the evolving dynamics of political campaigning in India. With a significant portion of the budget earmarked for digital media and advertising, the landscape of political communication is poised for a transformative shift.
