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Indian media and entertainment industry expected to reach $100bn by 2030: I&B secretary

India’s media and entertainment industry, which is currently worth $28 billion, is on track to reach $100 billion by 2030, rising at a cumulative pace of close to 12% each year, said Ministry of Information and Broadcasting (I&B) Secretary Apurva Chandra.

“If our country is to grow at the rate of 8-9 percent as envisioned by Hon’ble Prime Minister Narendra Modi, then the M&E sector must grow faster, and with all the great potential in the country, I am sure that this is possible,” said Apurva Chandra after inaugurating the ‘Media & Entertainment’ fortnight at Expo 2020.

Chandra elaborated on the potential of the Animation, Visual Effects, Gaming, and Comics (AVGC) industry: “India’s prowess has already been displayed in the IT sector throughout the world. Since AVGC sector is a mix of creative and technological expertise, India has a massive potential to showcase its brilliance.”

“The government has also recognized the potential of M&E sector and has announced the creation of a task force soon that will formulate the AVGC policy to provide incentives, skills and training to our talented youth to do more in this particular area,” he noted.

He noted that, as a result of these reforms, India, which is currently known as the world’s workshop, might grow even more.

The Indian media and entertainment industry, according to Chandra, is eager to collaborate with the UAE and other worldwide partners.

“The VFX industry is becoming an indispensable part of film making, and the exceptional work carried out by Indian studios has catapulted the country on to the global scene. The government incentives have also helped the sector in the form of subsidies, fiscal incentives, and the creation of local hubs and facilities,” he noted.

Throughout the fortnight, the Ministry of Information and Broadcasting will host a variety of activities in fields like as film, broadcasting, events, and over-the-top (OTT), among others.

During the fortnight, India’s strength in the field will be displayed to a worldwide audience, and conversations on potential cooperation between the Indian and global industries will be held.

Source: Economic Times

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