Advertising the “New” India in Post Liberalization Era

Abstract

RETRACTED

India's advertising market is now the fifth largest in the world. Thanks to its recent, sharp increase in size. According to a 2021 Gunn Media report, India could be ranked fourth in 2023, with the U.K. coming in first. Since 1991, multinational corporations (M.N.C.) advertising agencies have established a presence through joint venture agreements with Indian advertising agencies. These agencies work with Indian advertisers in addition to their international clientele. This article assesses the post-liberalized (1991–2020) advertising industry growth and looks at how it has changed in tandem with changes in India's social, political, technological, and economic landscapes. The value of the Indian advertising industry was 70,715 crores in 2021, an increase of 18% from 2020. From 15,782 crores in 2020 to 21,353 crores in 2021, the digital advertising industry grew at a compound annual growth rate (CAGR) of 35.31%. By 2023, digital media is projected to grow by 29.5% compound annual rate.