Media and Entertainment sector should grow to more than $100 billion by year 2030: Apurva Chandra | The Financial Express

Media and Entertainment sector should grow to more than $100 billion by year 2030: Apurva Chandra

National Centre of Excellence for AVGC to be set up in a public-private partnership mode

Media and Entertainment sector should grow to more than $100 billion by year 2030: Apurva Chandra
Government to come out with Model Theatre Policy and Single-window clearance for Theatres

The media and entertainment should set a target to cross $100 billion by the year 2030, Apurva Chandra, union secretary, Information and Broadcasting (I&B), said at FICCI FRAMES Fast Track 2022. “The Ministry of Information and Broadcasting will do whatever it takes to support the M&E sector and help it grow,” the secretary stated while addressing the inaugural session of FICCI Frames Fast Track 2022 in Mumbai on September 27, 2022.

As per Chandra, Invest India is going to be leveraged in order to bring in higher foreign investment into India in the film sector. It is to be noted that the ministry had merged various film units under NFDC. Based in Mumbai, NFDC will 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. More than $100 billion of foreign direct investment (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.

Further, the government aims to work with states to facilitate and promote film shooting in India. The government had announced the Incentive Scheme for Audio-Visual Co-production and Incentive Scheme for Shooting of Foreign Films in India during the Cannes Film Festival. Additionally, with incentives given by states too, it becomes a viable and attractive package for filmmakers, Chandra highlighted.

He also announced that the government will work with the states and formulate a Model Theatre Policy. “Over the past five to six 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.”

With respect to animation, visual effects, gaming and comics (AVGC) promotion Task Force, Chandra stated that the Ministry of I&B will submit the report within the next 15 days or so. “We are compiling the reports of the sub Task Forces, and thereafter we will submit the recommendations and go through the process of adopting the report.” Moreover, the National Centre of Excellence for AVGC will be set up in collaboration with the private sector, the Secretary informed. “We have taken the in-principle decision to set up the AVGC Centre of Excellence in collaboration with the private sector. We are proposing a 48% stake for the Ministry of I&B, 26% for FICCI and 26% for CII, so that it is the private industry and not the government which leads the AVGC transformation. We hope that the Ministry of I&B functions as a catalyst for the upsurge in the media and entertainment industry,” he added.

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