The sparkling eyes from the world of entertainment and media are glued to the forthcoming Union Budget 2017. And the industry is expecting this to be fab, at least a notch or two above where it stood last year. The most significant budget by the Narendra Modi government will be presented on February 1, 2017. The Union Budget 2017 will mark the end of the colonial practice of presenting the Railway Budget in advance and will play a significant role in defining the roadmap ahead. Also Read - 'Open to Tweaking Inside And Outside Budget For Economic Growth', Says Nirmala Sitharaman

What is even more interesting is that after demonetization move and how it has impacted industrial portfolio in general. It would be even more pertinent to see what  entertainment industry has in store, and how the expectations are met. Matter of factly, the film industry has suffered a major blow, especially Bolywood, in the year gone by, in spite of experimenting with content, the same holds true for the media in general as well, say reports. ALSO READ: Auto Budget 2017: What to expect for the automobile industry Also Read - Economy Not in Trouble; Green Shoots Visible: Finance Minister Nirmala Sitharaman

There are various key elements which need to be factored into what this budget has to offer. With changing times it is important to produce fresh content which involves tremendous amount of research and exceptional talents. These factors command high price and above all, ample amount time. Naturally, budgets will  see exceptional spikes. With respect to the news coming on GST, it is predicted that it would not have a massive of impact on the industry as long as the percentage is not going high.ALSO READ: Union Budget 2017: How is the Budget prepared by the Finance Ministry of India? Also Read - Union Budget 2020: Confused Between Tax Exemption, Deduction And Rebate? Here's What to Know

With changing structures of taxes, the production cost will go up which will result in overall budgets going higher. Experts also suggest that since GST is going to be replacing service tax, the media and entertainment industry will not exactly suffer a major blow on that front.