Indian advertising market to grow 16% in 2023: Pitch Madison report

Second forecast after GroupM's to project double-digit advertising growth; digital biggest advertising category

Two of the country's biggest media agencies, GroupM and Madison, have projected double-digit advertising growth for calendar year 2023, coming at a time when the Indian economy has remained largely resilient amid global volatility.

On Wednesday, the Pitch Madison Report, which was released in Mumbai, said domestic advertising expenditure (adex) would grow 16 per cent in 2023, marginally ahead of GroupM's estimate, which had projected a growth of 15.5 per cent for the current calendar year in its forecast released Tuesday. However, both forecasts maintain that India remains among the fastest-growing advertising markets in the world in 2023, despite the