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Here’s how the advertising and marketing industry reacted to Union Budget 2021

<ul><li>India’s Chief <keyword id="193571" type="POSITION" weightage="20" keywordseo="economic-advisor">Economic Advisor</keyword> KV Subramanian claims that private sector healthcare is not much better than public sector healthcare even though it is much more expensive.</li><li>Coming a couple of days before the budget, this may be a shock for the likes of hospital chain operators like Apollo Hospitals, Fortis Health and Metropolis.</li><li>To address the information asymmetry in the healthcare system, the Economic Survey proposes setting up a central database for patient information and a regulator to oversee all stakeholders.</li></ul>Private sector healthcare in India is considered to be superior to the public sector because it’s more expensive and the quality is better. However, the latest economic survey points out that may not necessarily be the case. Therefore, India’s Chief Economic Advisor (CEA), KV Subramanian, has recommended the government must seriously consider a regulator for both <keyword id="10673739" type="UNKNOWN" weightage="20" keywordseo="private-hospitals-and-doctors">private hospitals and doctors</keyword>. Coming a couple of days before the budget, this may be a shock for the likes of hospital chain operators like Apollo Hospitals, Fortis Health and Metropolis. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage change in stock price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.14% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fortis Health </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.62% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Metropolis </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.06% </td></tr></tbody></table>Source: NSE closing prices on January 29 Data shown by the CEA to back his argument The rate of readmission — going back to a hospital for care after original admission — is higher in the <keyword id="6371888" type="UNKNOWN" weightage="20" keywordseo="private-hospitals">private hospitals</keyword> and healthcare facilities than in the public sector. This is based on data collected from the government-funded health programme, Prime Minister’s Jan Arogya Yojana (PMJAY) — also called the Ayushman Bharat Yojana. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Private sector admission rate </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Public sector readmission rate </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">70% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64% </td></tr></tbody></table> According to the CEA, this is worrying not only because the private sector is more expensive, but also because readmissions tend to pinch the pocket more than original admissions and original. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Metric </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Original admission </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Readmission </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Average claim amount </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12,652 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹19,295 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Average length of stay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.6 days </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.5 days </td></tr></tbody></table> “So, a large proportion of deaths in India manifesting due to poor quality of healthcare is likely to reflect that the quality of treatment in the private sector may not be significantly better than that in the public sector in India,” said the Economic Survey. <div type="image" title="snapshot-1611921714260" msid="80585582" hostid="261" caption="&amp;lt;p&amp;gt;Variation in costs between private and public healthcare sector&amp;lt;/p&amp;gt;"></div> The government now plans to increase public healthcare spend to 2.5% of GDP to reduce the out of pocket spend from 65% to 35%. “Given the market failure due to asymmetric information, regulation in the healthcare sector is required,” said Subramanian, during the press conference. The CEA proposes this asymmetry can be mitigated using information from within the National Digital Health Mission, even within the framework of data privacy. “A standardised system for quality reporting on healthcare for hospitals, physicians, and insurance companies can start with basic input indicators to be reported mandatorily by healthcare stakeholders,” said the Survey. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[]]></cdata></div> SEE ALSO: <a href="https://www.businessinsider.in/budget/news/highlights-from-indias-annual-economic-survey-ahead-of-budget-2021/slidelist/80574947.cms">Highlights from India’s annual economic survey ahead of budget 2021</a> <a href="https://www.businessinsider.in/policy/economy/news/latest-economic-survey-has-an-entire-chapter-on-sp-fitch-and-moodys-being-biased-against-the-indian-market-/articleshow/80579836.cms">India’s Chief Economic Advisor trains his guns on global rating agencies</a> <a href="https://www.businessinsider.in/india/news/mumbai-local-trains-will-be-open-to-public-from-february-1-divides-service-into-three-time-slots/articleshow/80573902.cms">Maharashtra opens up Mumbai local trains for public from February 1 — divides service into three time slots</a>

India needs a regulator for private hospitals and doctors, says Chief Economic Advisor

New Delhi, Ahead of the Budget 2021, the government has hinted at rationalization of various taxes in the <keyword id="45911" type="PERSON" weightage="20" keywordseo="Aviation-sector">aviation sector</keyword>, which is among the hardest hit by the Covid-19 induced economic meltdown. "We are working on a long-term plan to help the sector by rationalizing various taxes. We are looking forward to make the ecosystem smarter and more efficient to make the <keyword id="31907" type="COMPANY" weightage="20" keywordseo="Aviation">aviation</keyword> sector sustainable," said Usha Padhee, Joint Secretary, Ministry of Civil Aviation. Addressing a webinar on "Connecting the Dots-Recovery of aviation, tourism and hospitality" on Friday, she underscored the need for the sector to be geared for any challenges and said that policy rejig will also help it in the long run, if it is hit by a similar crisis in the future. The webinar was organised by Women in Aviation International - India Chapter. Highlighting the success of Udan scheme, she further added: "Though the pandemic has adversely impacted the aviation and allied sectors, yet we have managed to take steps towards recovery. We are systematically opening the air space for operations and the air bubbles have helped aviation sector to get 60% capacity of domestic sector back." She added that great solutions are borne out of crisis while delving into the fact how the industry has fast adapted to technology and transformed digitally. "The crisis has led to digital transformation for the aviation sector. Now we have 100% web check-ins and various technology driven solutions have been adopted to offer touchless experience to passengers," she quipped. Pre-Covid forecasts indicated that in 2036 aviation industry will provide 98 million jobs and generate $5.7 trillion in GDP. Post Covid, the situation has reversed completely throwing the industry in a state of flux. All commercial activities are now dependent on the recovery of aviation, tourism and hospitality industry. The webinar was also attended by Fang Liu - Secretary General of the <keyword id="159139" type="COMPANY" weightage="20" keywordseo="International-Civil-Aviation-Organisation">International Civil Aviation Organisation</keyword>. The panel also had industry leaders and experts - Dr. Naresh Trehan, Chairman and Managing Director at Medanta, Dr. Shefali Juneja - Representative of India at <keyword id="179332" type="COMPANY" weightage="20" keywordseo="International-Civil-Aviation-Organization">International Civil Aviation Organization</keyword> (first lady to be in this position), Kiran Jain - Chief Operating Officer at Noida International Airport (A Zurich Airport Company). Jain is also the first lady COO for an Indian airport. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-delivers-yet-another-strong-quarter-with-16-growth-in-profit-as-covid-drives-tech-spending/articleshow/80173561.cms">TCS delivers yet another strong quarter with 16% growth in profit as COVID drives tech spending</a> <a href="https://www.businessinsider.in/retail/news/dmart-the-nearly-two-trillion-dollar-indian-retailer-may-post-strong-earnings-watch-out-for-the-progress-on-e-commerce/articleshow/80172629.cms">DMart, the nearly two trillion dollar Indian retailer, may post strong earnings ⁠— watch out for the progress on e-commerce</a> <a href="https://www.businessinsider.in/business/startups/news/oyo-bags-a-7-4-million-cheque-as-pandemic-forces-ritesh-agarwal-to-reimagine-the-business/articleshow/80170847.cms">OYO bags a $7.4 million cheque as pandemic forces Ritesh Agarwal to reimagine the business</a>

Various Taxes may rationalize in Aviation Sector in Budget 2021

<ul class="summary-list"><li>Color of Change recently announced significant cuts to its budget and staff.</li><li>Dozens of interviews and a review of internal documents show a pattern of lavish spending.</li></ul>Color of Change touts itself as the US's "largest online racial justice organization" and says it has over 7 million members. Since 2006, the pioneering group has weighed in on issues from bias in Hollywood to the recent killing of Jordan Neely on a New York City subway car.Its public profile grew substantially following the wave of demonstrations in the summer of 2020 after the police murder of George Floyd. The organization partnered with Airbnb to address racism on the platform, and it worked with The Recording Academy to "promote positive social change within the music industry." Its president, Rashad Robinson, became a regular media presence, including an appearance with Oprah and a profile in Forbes.The increased attention drove a significant uptick in funding. Color of Change collected over $30 million in donations between its two nonprofit arms in the first six months of 2020 alone — more than it had raised in any prior full year.But the organization's leadership appeared ill-suited to handle the rush of cash. Color of Change dramatically increased its spending in 2020, and it continued burning through its cash even as revenue declined.Documents show that tens of millions of dollars were spent on executive salaries, high-profile events, consultants, and projects with dubious connections to tangible impacts on social justice. Staff members say directionless leadership and scant board oversight contributed to the spending as leaders apparently hoped their expenses would be covered by funding that was just over the horizon.Now, the civil-rights organization is facing financial turbulence, according to interviews with more than 30 current and former staff members, managers, directors, executives, and contractors across almost every team at Color of Change, as well as meeting recordings, internal communications, and other documentation reviewed by Insider.At a May 12 board meeting, an outside financial consultant suggested that one option for the organization could be filing for bankruptcy, according to two people with direct knowledge of the presentation.In a <a href="https://medium.com/@cocboardchairs/facing-challenges-moving-forward-a8b46547ab05" target="_blank" rel="noopener">Medium post</a> published after Insider sent over the results of its reporting, the board chairs wrote that the organization was cutting its budget by $20 million, going back to pre-2020 levels. Their post, published June 22, served as the first official communication to most staff members that budget and staff cuts were imminent. A week later, 49 staffers were laid off, according to staff and a list of eliminated positions reviewed by Insider. Those cuts came on the heels of two rounds of layoffs this spring.Documents obtained by Insider show board-approved annual budgets of about $43 million a year for the past two years, despite annual cash receipts of about $26 million. A November 2021 financial report found the organization spent $1.52 for each dollar raised through the summer to fall of that year. And according to one report submitted to the board in February, the organization spent more than a million dollars more than it brought in each month during the second half of 2022.Though its revenue has remained above 2019 levels, it's down from 2020, and the organization hasn't been raising enough money to pay its bills, according to staffers and documents. It has begun to dip into its limited financial reserves — about $4 million — to meet its current obligations and payroll. And it is still millions behind in payments due. Some vendors who weren't paid on time have cut off their services."I think culturally, internally, we've been very used to being kind of the big fish, and like having the money," one manager told her staff during a recorded meeting in December, emphasizing the need to reduce spending. "I almost compare it to, like, the music industry in the '90s, like when everybody was like Champagne-popping on boats and the videos."A high-level staffer with direct knowledge of the organization's finances said that after accounting for the reserves and other funds on hand the organization was at least $4 million in the red."What I will say is that in our last fiscal-year budget, we did set a budget that was too ambitious," Andre Banks, the board chair of the organization's 501(c)(3), the Color of Change Education Fund, said in an interview. "Our projections and our finance infrastructure actually failed us a bit here, in both capturing some of the challenges and in working to quickly pivot."Banks added that the organization had never considered filing for bankruptcy."Color of Change is on a solid financial footing and will be going forward," he said. In the Medium post, the board chairs wrote the organization recently "instituted new systems to proactively address emerging financial challenges."<div type="image" title="A screenshot from the Color of Change medium post. A subheadline titled &quot;Facing Challenges&quot; introduces two paragraphs acknowledging issues managing money." height="1084" width="1764" msid="101525037" hostid="261" sizebytes="125728"></div>In a written statement, Color of Change also claimed Insider's reporting contained inaccuracies. It didn't send any details in support of this claim, despite multiple requests from Insider. It also hasn't provided any recent charitable tax filings or independent financial audits.Spending was already high before Floyd's killing — roughly $47 million from 2017 to 2019, compared with revenue of about $52 million. But despite internal reports of deficits going back to 2021, Rashad Robinson and other leaders at the organization have been slow to rein in spending. Color of Change is on the hook for more than $8 million in consultant expenses for the current fiscal year and over $1.7 million in rent for offices with custom furniture in Oakland, California; New York City; and Washington, DC, even though most of the staff has been working remotely since 2020, according to a breakdown of expenses reviewed by Insider.Most current and former staffers who spoke with Insider requested anonymity, citing nondisclosure agreements and the risk to their professional reputations.This year, a media production consultant lodged two complaints with New York's Office of Labor Policy &amp; Standards after months of unsuccessfully seeking payment. (She was eventually paid.)The consultant, who started working with Color of Change in 2022, worked on videos that cost the organization tens of thousands of dollars, but many have only a few hundred views each on YouTube. Though they were intended for promotional purposes, some appeared to sit unused.On multiple occasions, she said, production was delayed and money wasted because a Color of Change staffer in charge of the project would go on vacation in the middle of development."I think that if the donors knew how they allocated their money, they would be appalled," she said.Ben O'Keefe, a media producer who worked for Color of Change for five months in 2019, said spending was rampant while he was with the organization. He said roughly $25,000 was spent per episode of <a href="https://soundcloud.com/tellblackstories" target="_blank" rel="noopener">a podcast</a> he produced that had fewer than 300 monthly listeners."Money was never an object, which sounds like a good thing until you start to understand that people are donating $5 a month, and it's all they have," O'Keefe said. "It's being spent on fancy meals and extravagant offices and not much else."Salaah Muhammad, a former regional manager who was laid off in the spring, said he witnessed rampant spending and lax controls on accounting. He said the organization spent $200,000 on <a href="https://twitter.com/ColorOfChange/status/1463168221230600207" target="_blank" rel="noopener">a high-profile event</a> at <a href="https://www.nytimes.com/2021/12/04/arts/design/art-basel-miami-diversity.html" target="_blank" rel="noopener">Miami's Art Basel</a> to highlight public safety through art; still, the organization wouldn't approve $5,000 to finance a coat drive for people without housing in Minneapolis during the winter of 2021. Muhammad and another person with access to budget information said hundreds of thousands of dollars were also <a href="https://colorofchange.org/coc-connections-childrens-carnival-sept-2022/" target="_blank" rel="noopener">spent on carnivals</a> on Martha's Vineyard and elsewhere in 2022 to call attention to book bannings happening around the US and to celebrate Black history. (In a written statement, Color of Change disputed these numbers, and said the event on Martha's Vineyard "only cost $7,000 to execute." Budget and planning documents reviewed by Insider show the organization paid at least $28,697.37; Color of Change noted that this number "doesn't include the proper context and understanding that we were involved in multiple events on Martha's Vineyard.")"For an organization that says they're doing all of these things to make the world a more humane, a less hostile place for Black people, it seems as though they're more aligned with wanting to throw an elaborate party," Muhammad said.In May, Insider <a href="https://www.businessinsider.com/color-of-change-racial-social-justice-organization-nonprofit-misconduct-2023-5">reported</a> on the internal strife that former and current staffers said had permeated Color of Change for years. They described a chaotic work environment that suffered from allegations of harassment, gender discrimination, and abuse. After HR investigations in 2022, multiple senior staff members left the organization or were fired, and emails about the issues were sent to board members and the president's leadership team.Throughout this turmoil, one former staff member and two current high-level staffers with direct knowledge felt board members seemed more concerned with procuring rooms in expensive hotels with posh amenities during meetings and retreats than addressing internal issues. (Color of Change disputed this.) These staffers said they believed board members had been lax in their oversight because of their deep personal connections to Robinson. He is, for example, godfather to the ColorofChange.org board chair Heather McGhee's child.In 2017, the board, citing safety concerns, began paying for Robinson's high-rise apartment in a Manhattan building and for private security. Staffers also said the organization paid for a luxury-car service.In response to questions about payments for the apartment, security service, and luxury-car service, Color of Change provided a document from 2020 showing unanimous approval by the board to pay $7,350 a month for his residence through January 2022, along with an assessment by a security consultant. The consultant found a moderate level of risk in 2017 and had upgraded the assessment to "an unparalleled level of risk" in 2020. As support, the organization included six archived 2020 posts from <a href="https://archive.4plebs.org/_/search/text/%22RASHAD%20ROBINSON%22/" target="_blank" rel="noopener">4chan</a> in which Robinson's name is listed with dozens of other activists with no threats of violence."We forced him to move out of his home," Banks, the Color of Change Education Fund chair, said. "He did not ask for this. It was something that we pushed him to do in order to secure his safety."<div type="image" title="rashad robinson speaks at fashion week event 2022" height="2752" width="3669" msid="101525039" hostid="261" sizebytes="397256"></div>Two years later, in 2019, the board increased Robinson's base salary by $114,000 and awarded him a $73,000 bonus, giving him a total compensation above $458,000 — nearly $125,000 more than the president of the NAACP for that year — according to Color of Change's 2019 charitable filings. (Color of Change didn't report executive salaries on its 2020 charitable filings and hasn't released its 2021 or 2022 filings.)Many current and former staffers said they found Robinson to be more concerned with using Color of Change resources to advance his personal brand than with promoting racial justice. Color of Change staff members and consultants were assigned to work on his social-media accounts and a personal book project that has cost the organization hundreds of thousands of dollars, and a former member of senior leadership said a photo shoot was once scrapped because there wasn't a fedora on hand that suited his tastes. (Color of Change disputed this.)When the organization hosted an event during Fashion Week in February 2022 meant to highlight Black designers, Robinson refused to wear clothing provided by one of the designers unless it was tailored for him. "I've been doing my best to make it clear that it is impossible for me to get a suit off the rack," he wrote in a coordination email chain after daily inquiries about his outfit.A sizable chunk of spending also went to white-led consultant groups. Nine current and former staff criticized this decision and said these groups dominated Color of Change's messaging.Millions went to the public-relations firms Fenton Communications and Berlin Rosen, and extensive resources were given to Ryan Senser, a white man who helps draft Robinson's opinion pieces, speeches, and book chapters and contributes to many aspects of Color of Change's strategic mission.Senser's consulting company was paid <a href="https://www.documentcloud.org/documents/23840291-2018#document/p8/a2326552" target="_blank" rel="noopener">$118,000</a> in 2018. By 2022, the contract had grown to <a href="https://www.documentcloud.org/documents/23853908-ryansenser_contract_2022" target="_blank" rel="noopener">$265,000</a>. Documents reviewed by Insider show that it was <a href="https://www.documentcloud.org/documents/23840346-ryan-senser-2023-contract" target="_blank" rel="noopener">contracted for at least $295,000</a> in 2023 and has been paid at least <a href="https://www.documentcloud.org/documents/23840290-pac-safe-payment#document/p9/a2326377" target="_blank" rel="noopener">another $15,000</a> by the Color of Change PAC this year, making his work some of the longest-running and best-compensated at the organization.Half a dozen current and former workers, all of whom are Black, said they witnessed or experienced Senser putting down the work of the mostly Black staff, and suggesting that he was more skilled at communicating to communities of color. Three of the workers, all women, also said he had singled out Black women."He very frequently made it clear that he thought he knew how to talk to Black people better than Black people," the media producer O'Keefe said."Like any consultant or PR firm who works on communications, I contribute to content at the direction of Rashad or other staff, based on their input, ideas, goals and strategy," Senser told Insider in an emailed statement. "Saying or even implying that I wholly 'write Rashad Robinson's opinion pieces, speeches, book chapters etc. is not true and is not only defamatory but also reinforces a deeply racist trope that there's a white person behind a Black leader's vision, ideas or success."<div type="image" title="senser email" height="734" width="2000" msid="101525041" hostid="261" sizebytes="43668"></div>"Not only would I never ever tell any Black person on staff that they don't effectively communicate to communities of color (and have never done so), I am not even involved in shaping those communications," he wrote. (Emails and other exchanges obtained by Insider show that he helps draft messages to funders and helps shape Color of Change communications.)Senser was also behind a major push for Storyworld — an amorphous multimillion-dollar project seeking to "drive conversations that will change the rules of storytelling for scripted and unscripted TV &amp; film, podcasts, music videos, video games, TikTok houses, infotainment, news media, advertising and more," according to a project proposal acquired by Insider.In February, the organization leased a Hollywood warehouse to house the project's 19 offerings, such as interactive workshops, exhibits, and event spaces. The rent totaled $14,000 a month, and $76,000 was a deposit paid at signing, according to a breakdown of expenses and two staffers with direct knowledge of the organization's financing. The project is on hiatus, however, because of insufficient funds, and three staffers said the building was set for demolition.Nevertheless, the organization has tried to put a positive spin on the financial struggles. In its recent Medium post, the board chairs wrote, "We hope Color Of Change's story can serve as both a lesson and an inspiration to other organizations."

One of the US's largest racial-justice organizations is slashing its budget and laying off staff after overspending on lavish perks

<ul><li>Finance Minister Nirmala Sitharaman presented the Union Budget for 2022-23 in Parliament on Tuesday.</li><li>This year's budget is indexed towards startups, MSMEs, infrastructure projects, rural revival, digital payment apps, telecom growth and affordable housing.</li><li>We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability, blockchain and push to MSME can impact the ad and marketing industry.</li></ul>Be it the introduction of a Digital University to make education accessible across the country or the proposed launch of a Digital currency by the Reserve Bank of India to the government’s focus on promoting digital payments and fintech, Finance Minister Nirmala Sitharaman made it is clear that digital is the way forward. The Union Budget 2022-23 aims to boost the country's digital infrastructure and enable a cashless economy. The government also announced that it will set up an Animation, Visual Effects, Gaming and Comics (AVGC) promotion task force to give a push to the animation and gaming industry. To facilitate the roll-out of 5G mobile services in India, FM Sitharaman said that Spectrum auctions will be conducted in 2022. This, in turn, will give impetus to Voice, Augmented Reality and Virtual Reality and pave the way for the Metaverse. The Digital Rupee using blockchain will help Indians accept virtual currency and accelerate cryptocurrency exchange in India. Overall, the budget also shows a promise for Electric Vehicle brands, digital payment apps, MSMEs, gaming industry and start-ups. We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability and blockchain can impact the advertising and marketing industry. Here’s what they said: Anupriya Acharya, South Asia CEO, Publicis Groupe: The Budget is positive, growth-oriented and with reforms in the right direction. The advent of 5G is sure to transform communications – for our industry it will help creation of better AV, voice and AR/VR experiences. It will also fuel digital payments, streaming entertainment, gaming, e-commerce, tele-medicine etc which in turn will aid more Unicorns! It is also heartening to note that a special Task Force is being set up for AVGC (Animation, Visual Effects, Gaming and Comic) as this will help us build the much needed capacity both for domestic as well as global markets. And then there have been no changes in income-tax slabs for people, which many consumer segments were worried about. This in turn boosts consumer sentiment. From e-passports, to battery swapping for electric vehicles, setting up of optic fiber in the remotest of villages, setting up of a digital university and skilling through an e-portal, the big push is for technology, digital infrastructure and empowerment. Narayan Devanathan, Chief Client Officer, dentsu India: Having gone through the 38-page document of the Finance Minister’s budget speech, I decided to do a search for a couple of words that I thought kept repeating throughout her speech. The words “will be” occurred 110 times in the entire speech. When I narrowed my search to the single word “will,” the number rose to 362. To me, those two words sum up the essence of what this year’s budget is and is not. What it is, is a future-focused budget, aiming at the distant vision of India@100, with a 25-year Amrit Kaal lead-up. What it is not, and what I felt was sorely needed this year of all years, is a present-focused budget. A punishing 2021 for the aam aadmi with more-than-usual expenditure on health and sustenance meant the general populace was looking for immediate relief that would place more cash in their household budgets. That did not happen. Nor was there any extraordinary investment in relieving the healthcare expenditure burden. For all the importance of farmers in upcoming poll-bound states, there was neither major sop nor stimulus given to back the importance of agriculture as a spine if not engine of the economy. Even the MSME sectors were only handed a slightly longer lease of life with the extension of the ECLGS, but there was no real move to stimulate consumption by placing more cash at consumers’ disposal, for example, extending LTA claims to restaurants (and not just accommodation). There is perhaps plenty for the industry to cheer about since it can afford to think about the future and a slightly longer term than just the here and now of survival. The stock market did cheer up even before the FM’s speech, but that only served to underscore the dichotomy between the real health of the population and the Minority of Haves. When the general population probably can’t afford to wait for the benefits of trickle-down economics to reach them in yet another trying year, the dreams and wheels of a consumer-driven economy might move slower than the industry might like, despite the many future-facing and progressive policies announced. Virat Tandon, Group CEO, MullenLowe Lintas Group: The union budget can be termed as consistent with the government's vision to reach the 5 trillion GDP mark by 2025-26. Hence, the strong focus on capex to boost infrastructure that connects and streamlines middle India and provides the engines of entrepreneurship across the length and breadth of the country. It also shows India's commitment to bring a digital first economy with the 5G rollout planned for next financial year, clarity on India's policy for cryptocurrency, data centres, EVs and our very own digital Rupee. Start-up culture will continue to flourish with the right policy framework. These investments and policies will generate jobs and go a long way in inclusive and sustainable growth for Bharat. Anurag Bansal, COO &amp; CFO, DDB Mudra Group: This Union Budget looks neutral, with no major changes in taxation. The launch of digital Rupee based on blockchain technology is a big move to bring in official cryptocurrency in India. New e-passports with embedded chips would definitely ease overseas travel. Managing the Fiscal deficit while pushing for growth and investments is a great balancing act taken on by the government. It will give a boost to capital investments and infrastructure development. Kartik Sharma - Group Chief Executive Officer – India, Omnicom Media Group: With an impetus on holistic growth, developing infrastructure and job creation across sectors, the 2022 union budget shows promise with a focus on the big picture. Reviving economic growth in the post-pandemic environment has been a focus for this government and this progressive, digital-first, and development-oriented budget reflects that. Not only does it provide a boost to the MSME, agriculture and healthcare verticals, but also signals that investing in infrastructure today will connect India better tomorrow. With an increased focus on digitization, some of the standouts for me were that the budget recognized the current gaps and opportunities within the education sector, and is advancing towards uplifting India with the creation of a digital ecosystem - one that is focused on upskilling and creating more employment; aligned with the dynamic needs of today. It also aims to further strengthen communications in the rural sector and build upon the overall financialization of India. Furthermore, while the rollout of a 5G ecosystem will improve the quality of services, the launch of digital money, supported by blockchain, signals an increasing focus on transparency. With consistency in strategic direction and focus on propelling the MSME and start-up ecosystem, this is a welcoming budget for new-age businesses and a hopeful one that will ultimately lead to a boost in the A&amp;M industry as well. We're at the cusp of the next stage of India's digital revolution and although certain factors like data privacy still remain an area to be delved deeper into, as infrastructure and banking penetrate further into rural India, we’re looking hopeful and strong to transform into a forward-leaning digital economy of tomorrow.” Deepak Mittal, CEO and Co-Founder, TO THE NEW: The government's unprecedented commitment to technology innovation and adoption in this union budget is highly encouraging. Breakthrough developments and futuristic technology such as the introduction of digital currency, the rollout of 5G within FY22-23, and e-passports using embedded chips are exciting for the country's future. Among the measures announced, the budget highlights special incentives to startups and the launch of a progressive, new portal encouraging a digital ecosystem for skilling and upskilling. These initiatives will serve as a successful catalyst for the country's economic growth. Atul Shrivastava, Group CEO &amp; Executive Director at Laqshya Media Group: The union Budget underlined the government’s focus on long-term growth. As India’s economic growth is estimated to be 9.2% in the upcoming financial year so it would be good for all the industry and with overall growth, we are sure advertising &amp; media will also show remarkable growth which was low due to the pandemic in the last couple of years. As announced the National Highways to be expanded by 25,000 km under PM Gati Shakti mission. Highways are adding a new dimension to the growth of the OOH Industry as advertising on the Highways is emerging as very strong choice for brand building for many categories. Prasad Shejale, Founder and CEO, Logicserve Digital: The FM has announced a very progressive budget with an intention to widen India's horizons and outlook in the next five years, leveraging emerging technologies. The Government has addressed some urgent priorities underpinning the digital sector, including the launch of digital currency, API-based skill credentials, digital learning channels, digitization of manual processes, etc. On the digital connectivity front, the 5G spectrum auctions will finally make the dream of a tech-savvy India a reality, further boosting the country's digital infrastructure. Additionally, the launch of a design-led manufacturing scheme for the 5G ecosystem as part of the PLI scheme will ensure affordable broadband and mobile communication even in far-flung areas. The availability of high-speed internet connectivity in urban as well as rural areas will encourage marketers to experiment with blockchain, AR, VR. On the skilling front, initiatives like establishing a digital university will provide an opportunity for youth to learn new skills from the comfort of their homes. The creation of a new task force to build domestic capacity in the Animation, Visual Effects, Gaming and Comic (AVGC) sector is commendable. The overall budget is future tech-enabled and balanced. Ahmed Aftab Naqvi, Global CEO &amp; Co-founder, GOZOOP Group: While there will always be hope for more and better, the continued push towards digital, fintech and the boost for start-up ecosystem with the extension of tax benefits till March 2023 along with capping the surcharge at 15% irrespective of the amount of long term capital gains, will fuel the fire of entrepreneurship in our nation. Varun Duggirala, Entrepreneur, Co-founder of The Glitch, Author, Content Creator and a Podcaster: The twin announcements of the digital rupee and the taxation on ‘virtual digital assets’ is clearly a focused drive from the government to regulate the crypto space. What needs to be seen is how this plays out because regulating a decentralized space is a paradox in itself. Another point that stood out for me was the national mental health program. More than anything else it signifies the normalizing of mental health as a legitimate area of focus for us as a nation. Shrenik Gandhi, CEO and Co-founder, White Rivers Media: In my opinion, it is a fairly balanced budget. There is sufficient emphasis being laid on up-skilling, and making right investments in tech which is the need of the hour. The previous budget was more inclined towards setting up a strong foundation in the digital space, and this one is essentially focused on making further advancements. Besides, Digital Rupee being introduced is indeed, a great news across sectors and it will be exciting to finally watch it become a reality. It can prove to be a game-changer in India's future as transactions will become even more instantaneous. Speaking of the expected benefits, let’s not forget that this is India’s #Budget and not a Big Bazaar scheme announcement. So, the immediate benefit may not be seen right now but considering the long-term narrative, it is a fairly established budget. Sahil Chopra, Founder &amp; CEO- iCubesWire: While the general trend of the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">union budget 2022</keyword> has its emphasis on ease of doing business, I strongly believe, data and digital occupied the centerpiece of the budget. The plans to focus and promote the fintech and digital economy are a very strong positive move. New age technologies, keeping data and digital at heart of it will allow the tech enablers to transform multiple industries. For MSMEs, the government has plans to outlay Rs 2 trillion which is again a welcoming move that will help in enhancing startups as well as entrepreneurial opportunities for all. Besides, extension on tax exemption to startups and promotion of startups to facilitate ‘Drone Shakti’ through varied applications and drones as a service is also encouraging. The ambitious optical fibre to the villages under PPP in 2022-23 shall get the next 100M in the Digital Universe soon. To sum up, it’s a positive budget for the digital sector which has always vouched for a strong digital infrastructure in the country." Chetan Asher, Founder and CEO, Tonic Worldwide: The budget clearly will help the country march towards digital adoption and transformation in many sectors. With 5G rollout on the cards we will see an acceleration across the board. The digital rupee will put India right up on the map of advanced digital economies. Clarity on Digital assets and crypto will give it new impetus. All of these initiatives will help us emerge as leaders in adoption and growth of blockchain technology Ambika Sharma, Founder &amp; MD, Pulp Strategy: The Budget is interesting as the Government has focused on all sectors. The financial support for the digital payments ecosystem is a welcome move and further reaffirms the Government of India's digital banking push. This push on digitization will make way for more inclusion in the ecosystem. The focus on 'Ease of doing business is a great step, as it will further promote entrepreneurship in the economy” . The 2022-23 budget finely balanced fiscal retreat with supporting economic recovery. The budget focused on a familiar strategy of driving capital expenditure to drive growth, to crowd in private investment through higher public spending. Although markets could be disappointed with a higher fiscal deficit of 6.4% of GDP for FY23 than expected, it is perhaps prudent to not undertake aggressive fiscal consolidation at this nascent stage of recovery. While elevated market borrowings are likely to pressurize bond yields, the inclusion of green bonds in the borrowing plan is an interesting innovation. In terms of specific policy announcements, the move towards self-reliance through protection for domestic manufacturers (change in custom and import duties) aligns with the long-term goal of Atmanirbhar Bharat. The government has extended the startup tax holiday and concessional tax for manufacturing startups by a year. While that was on the cards, it doesn’t address the core need of startups to be given a longer tax holiday of 5 years as required. One of the most encouraging aspects of the budget has been the announcement to set up an AVGC (animation, visual effects, gaming, and comics) promotion task force to plan and build domestic capacity for serving domestic as well as global markets. Loss from the transfer of virtual digital assets cannot be set off against any other income. The creation of a unified logistics platform and the developments of 100 new cargo terminals in the next three years are significant steps in improving the supply chain ecosystem in the country. Infrastructure status given to Data Centers will provide a huge boost to the fast-evolving digital environment of the country. The fiscal outcome is broadly in line with our expectations with the government having continued its focus on infrastructure and rural demand. Himanshu Arya, Founder and CEO, Grapes: The Union Budget for the financial year 2022-23 has set the stage with an invigorated focus on ramping up the process of the digital revolution. The government’s focus on the digital ecosystem is a progressive move to render an inclusive landscape for job openings and entrepreneurial opportunities. The extension of tax incentives for startups for one more year will give a slight relief to the industry. I hope that the cash flow improves in the market. The Union Budget has various encouraging initiatives and is directed towards a more viable and flexible business ecosystem that completely aligns with the ideologies of Make in India. Siddharth Devnani, Co-Founder &amp; Director, SoCheers: Digital and digitization stood out as a strong overall trend in the Union Budget 2022. The budget put a great focus on long-term growth and given how intricately ‘digital’ was integrated into several measures, it can be seen as an integral part of that growth. Implementation of the Central Bank digital currency will definitively aid the growth of digital economy and finance in the country, opening doors for digital acceleration across sectors. The announcement about the new digital university and the renewed focus on digital learning, further presents an opportunity, especially to the fast-evolving Educational Technology sector. However, a definite plan on how this will pan out for all corners of India remains to be seen. Moreover, digital will also be leveraged in the set-up and operation of tele-mental health centres, providing the necessary focus and access to mental health services to the Indian masses. This comes as one of the most welcome move as it’ll contribute infinitely to the nation’s long-term growth.

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Here’s how the advertising and marketing industry reacted to Union Budget 2021

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Various Taxes may rationalize in Aviation Sector in Budget 2021

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One of the US's largest racial-justice organizations is slashing its budget and laying off staff after overspending on lavish perks

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The advertising industry voices its enthusiasm about the government’s steps towards boosting digital ecosystem in Union Budget 2022-23

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