After seeing lackluster growth in the past few years, India's advertising market is set to enjoy a significant growth this year owing to higher TV advertising spends by political parties ahead of Lok Sabha and state assembly elections, according to a fresh report by media services conglomerate Madison World.

The Pitch Madison Media Advertising Outlook 2014 report, released in Mumbai on Wednesday, estimated that India's advertising market would likely grow 16.8 per cent year-on-year in 2014.

The print media is estimated to grow 17 per cent year-on-year and generate revenue of Rs 15,405 crore; while TV advertising is expected to grow 15 per cent to Rs 14,282 crore. The digital medium is expected to contribute Rs
3,950 crore to total advertisement revenue this year.

Sam Balsara, chairman & managing director of Madison India, said, "India will be the fastest growing advertising industry in the world in 2014 . many politicians would come up with their own small campaigns apart from the heavy advertising which will be done by the political parties."

Balsara added that the projected double-digit growth in the advertising spends would be a great boon to the industry that remained stuck in uncertainty in the past few years due to economic downturn.

Last year, the advertising market of India grew 11.1 per cent, from Rs 28,694 crore to Rs 31,877 crore. Print media, however, continued to be the preferred marketing medium in the country last year.