I&B minister Anurag Thakur while addressing the India Forum at the ongoing Cannes Film Festival said the Indian Media & Entertainment (M&E) industry which is a sunrise sector is expected to generate nearly $53 billion annually with the help of Government policies aimed to boost the sector.
The minister stated, “M&E sector in India is significant contributor not only to the creative economy but also for projecting India’s soft power abroad. Our Government has envisioned and spearheaded major initiatives over the last 8 years to boost co-productions, film shoots, and film facilitations in India. States such as Uttar Pradesh, Madhya Pradesh and others have taken the lead through film facilitation policies and providing co-production opportunities.
He also added, “The advent of artificial intelligence, virtual reality, and immersive technologies such as the Metaverse, present immense possibilities to India’s IT enabled services and IT skilled workforce. According to reports the OTT market in India is predicted to grow at 21% annually to nearly $2 billion by 2024.”
He mentioned about the presence of Indian start-ups in Cannes and said, “The start-ups from the media and entertainment sector will showcase their technological prowess and pitch to the world from the world of AVGC along with a strong delegation of animation professionals from the sector.”
“In 2018, Government of India had officially designated audiovisual services as one of 12 ‘champion sectors’ and recently set up an AVGC task force comprising of industry leaders to prepare a policy roadmap for India to take a quantum leap in this sector and position us as the preferred post-production hub of the world. The government aims to transform India into a global content sub-continent and use the skills of our youth to make India the preferred post-production hub for the AVGC sector. The government will take necessary measures to speed up co-production collaborations from around the world and also offer the best locations and historical locations in India for film shoots,” the minister said.
Thakur concluded by saying in the next 5 years, with collaborative efforts our nation will be amongst the leading quality content producing nations across the globe.