Sushma sees boom in entertainment

Our eFE Bureau in New Delhi

In these times of gloom, there is one sector which economic pundits can look forward to — the entertainment industry. The industry is poised for growth with access to institutional finance opened up and emergence of new, as yet untapped, export markets, Information and Broadcasting minister Sushma Swaraj said Wednesday.

Citing an Arthur Andersen report, she said the entertainment industry’s turnover was expected to increase to Rs 30,000 crore by 2005 from Rs 10,000 crore at present. “We in the ministry are performing the role of an active facilitator to realize the growth potential,” she said.

Speaking at the Economic Editors conference, she said recourse to institutional finance would help foster growth of the industry. The Industrial Development Bank of India (IDBI) had already sanctioned Rs 61 crore for films.