21st edition of ‘FICCI FRAMES 2020’ gets under way virtually
In his video message for the inaugural session of ‘FICCI FRAMES 2020’, Asia’s largest convention on the business of entertainment, Mr Javadekar said that virtual space is the new normal. Virtual is the new place for forging real partnerships. He added that the government will partner with the industry for progress of the sector and to harness the soft power of India, which is media & entertainment.
Mr Javadekar said that though contribution of Indian media & entertainment sector is small to the global market currently, we can achieve stupendous results. ?Content produced by India is consumed in more than 150 countries and Indian cinema creates a large number of job opportunities and earns significant revenue.?
Mr Javadekar added that media & entertainment sector needs new entrepreneurs, founders and owners to steer the industry forward. He assured that the government will stand shoulder to shoulder with the industry and urged the stakeholders to share their suggestions and recommendations with the ministry for propelling the sector forward.
Mr Anurag Thakur, Minister of State, Ministry of Finance said that it is the right time for India to grow and showcase the country’s soft power to the world. With Make in India, we need to design and conceptualize in India and to achieve this we have to nurture the talent in the country. He added that we have to build an ecosystem that nurtures talent and enables growth of the industry.
Mr Thakur urged FICCI to create a roadmap and discuss it with the government for advancement of the industry. FICCI and FICCI Media and Entertainment Committee has been reaching out to the government and stakeholders that has helped in the sectors’ development. He added that the government will support industry at every step.
Mr Vincenzo De Luca, Ambassador of Italy to India said that as the partner country, Italy is proud to participate in FICCI FRAMES in this innovative setting on the virtual platform. Italian creative industry will get an opportunity to engage in B2B meetings with their counterparts virtually at FICCI FRAMES, which will help in developing projects.
The Ambassador said that Italian media & entertainment sector contributes 6% to the country’s GDP and 14% of taxes. Media & entertainment industry is crucial and it can play a strong role in strengthening economic and cultural relationship between Italy and India. ?Italy can give support to a more global projection of Bollywood as this will give Italy more Asian and global projection to promote its shooting destinations.?
Dr Sangita Reddy, President, FICCI, said, ?We present to you the 21st edition of FICCI Frames virtually with the spirit that the show must go on.? Media & entertainment sector contributes to the soft power of the nation while boosting employment, value creation and diversity. FICCI remains committed to the development of media & entertainment industry, especially in these trying times, she added.
Highlighting the work of FICCI Media and Entertainment Committee, Dr Reddy said that FICCI has been working on film policy with various state governments including Odisha and Jammu & Kashmir. She added that media & entertainment promotes intellectual property. Our industry has the intellectual capacity and freedom, which is needed for development of the sector.
Mr Uday Shankar, Senior Vice President, FICCI said that industry is set to take a huge hit on account of disruptions caused by the pandemic and that is directly related to the industry’s disproportionate dependence on advertisements. While it is true that advertising revenues have helped the industry grow and sustain, there have also been a lot of distractions, where businesses have prioritised advertising over content, he added.
Mr Shankar said that there is absence of an organised supply of talent funnel of high-quality trained writers, technicians, directors, actors, etc. He requested the government representatives to recognise the media & entertainment sector as an important part of the economy that can create jobs, businesses and wealth.
Mr Sanjay Gupta, Chairman, FICCI Media and Entertainment Committee said that the world needs to see us as a ‘Creative Powerhouse’ that delivers globally and inspires all. To realise this opportunity, we need collective effort both from within the industry, as well as the government. ?The FICCI M&E Committee is focused on working with the government to unlock the full potential of this industry to power India’s economic engine,? he added.
Mr Gupta said that with forward-looking policy initiatives like simplification of the taxation framework, adoption of a light-touch regulatory approach, infrastructure status to the industry and support to accelerate exports of films and games, we can enable the industry to get clarity and ensure that companies can invest with a long-term growth opportunity in mind.
Mr Dilip Chenoy, Secretary General, FICCI said that this year from the conceptualization to the execution of FICCI FRAMES has been entirely virtual. The 21st edition of FICCI FRAMES is taking place for the first time on a digital platform. He added that media & entertainment industry will propel the next wave of growth of India economy. FICCI