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India’s media and entertainment industry is poised to double in size by 2017, but it still has key challenges to overcome such as stifled freedom of expression, Uday Shankar, Chairman of FICCI’s Media and Entertainment Committee, said at the inaugural session of the annual FICCI Frames conclave on Tuesday.
Shankar said efforts to curb free speech in a robust democracy like India is one of the biggest challenges that can potentially derail the industry from its trajectory.
The conclave, over the course of next three days, will deliberate on this year’s theme of media and entertainment industry’s aspiration of ‘Engaging a Billion Consumers’.
“This industry is an economic enterprise, which 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,” Shankar said, adding that the $15-billion industry employs as many as six million people.
However, in business and creative terms, the Indian media and entertainment sector still remains much smaller than it should be in a country of 1.2 billion people, Shankar, who is also the CEO of Star India, said. The growth of M&E has not been supported by policy and regulatory initiatives, he added.
Audience measurement
Pointing out the lack of reliable data on audience measurement across verticals of the media and entertainment sector, Shankar also emphasised on the need for the industry to set its house in order.
FICCI and KPMG’s joint report on the media and entertainment sector was released on the occasion.
The report estimates the industry to grow by 11.8 per cent to Rs 91,700 crore this year from Rs 82,000 crore in 2012, aided by digitisation, growing regional media and the upcoming elections.
FICCI-KPMG report expects the media and entertainment industry to grow at a steep pace and touch Rs 1,66,000 crore in size by 2017.
Soon Tae Park, Deputy Minister, Minister of Culture, Sports and Tourism, Republic of Korea, Andy Bird Chairman of Walt Disney International, Naina Lal Kidwai, President FICCI, were present at the inaugural session of the annual conclave.
>nivedita.ganguly@thehindu.co.in
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