JOIN USCentre asks entertainment industry to target $100 billion growth by 2030
The Centre has exhorted the media and entertainment industry to set a target of growing the industry to more than $100 billion by the year 2030.
“India will be a $10 trillion economy in the next 10 years, we should target that the media and entertainment sector should grow to more than $100 billion by 2030. The Ministry of Information and Broadcasting will do whatever it takes to support the M&E sector and help it grow,” Information and Broadcasting Secretary Apurva Chandra said on Tuesday.
Chandra was addressing the inaugural session of FICCI Frames Fast Track 2022 in Mumbai.
The Secretary announced that Invest India is going to be leveraged in order to bring in higher foreign investment in the film sector. “The Ministry has merged various film units under one; NFDC based in Mumbai is going to be the hub of the cinematic arm of the government. With this, we want to revamp the Film Facilitation Office. We are going to hand this over to Invest India, the main investment arm created by the government under the leadership of Prime Minister Narendra Modi, to attract industry to India,” Chandra said.
“More than $100 billion of FDI is coming to India this year. We want to leverage Invest India to bring in foreign investment, we will reach out to foreign filmmakers to come to India,” he added.
The Secretary informed that the government will work with states to facilitate and promote film shooting in India and also formulate a Model Theatre Policy.
“Over the past 5-6 years, the number of theatres has been on a decline. We need to reverse this trend. We will assign the Film Facilitation Office to work with Invest India to come up with a single-window portal for opening theatres, so that more and more theatres can come up and the public gets more avenues to watch the magic of films in theatres. We will also work with the states to create a Model Theatre Policy, so that the states can adopt and work on the same,” he said.