The study warns media owners to prepare for a major slowdown in growth and projects in view of the global fall in spending.
India's FMCG sector is expected to cushion spend for TV, while the upcoming general elections will help spend in print, the survey suggests.
However, it warns that neither medium will see growth and that cinema and outdoor could suffer negative growth during the coming year.
Sam Balsara, the Madison chairman, said: "Optimism and confidence in the future are big drivers of advertising growth."
This article was first published on Campaign