Media and Entertainment industry poised for growth
Mumbai, Mar 12 : India's media and entertainment industry has a great potential to herald a new era of economic expansion, with the sector poised to double in size by 2017 and aid job creation by removing key challenges including stifled freedom of expression,
Uday Shankar, Chairman of FICCI's Media & Entertainment Committee, today said at an inaugural session of the annual FICCI Frames conclave that FICCI-KPMG report expects the media & entertainment industry to grow at a steep pace and touch INR 1.66 trillion in size by 2017.
Delivering the theme address at the conclave, Mr Shankar said "efforts to curb free speech in a robust democracy like India is one of the biggest challenge that can potentially derail the industry from its trajectory."
"When Satyamev Jayate points to weaknesses in the medical system, doctors are offended. When Jolly LLB creates a courtroom satire, lawyers are offended.
"What is interesting to me is that we all agree that the role of media is to question the status quo. But with the right to question must come the right to provoke and the right to offend".
The conclave, over the course of next three days, will deliberate on this year's theme of media & entertainment industry's aspiration of "Engaging a Billion Consumers".
"This industry is an economic enterprise like the best of them and is capable of creating employment and wealth much faster than most other sectors and with the ability to be a force multiplier, like it is in most countries" Mr. Shankar said, adding that the 15-billion dollar industry employs as many as six million people.
Commenting on the other challenges that need to be overcome to unlock this growth potential, Mr Shankar said, "The lens often used to look at this industry is largely one of glamour and propaganda and the biggest debate is on how to control and contain it. As a result, the growth of M&E has not been supported by policy and regulatory initiatives".
Dr Soon Tae Park, South Korea's Vice Minister, Andy Bird Chairman of M Walt Disney International, Ms Naina Lal Kidwai, President FICCI shared the dias with Mr Uday Shankar at the inaugural session of FICCI Frames that was moderated by acclaimed filmmaker and co-chair of FICCI's M&E committee Karan Johar.
The theme addressed was followed by the release of FICCI and KPMG's joint report on the media and entertainment sector.
The report estimates the industry to grow 11.8 per cent to 917 billion this year from 820 billion in 2012, aided by digitisation, growing regional media and the upcoming elections.