Headlines Of The Day
India has the potential to become a global leader in the AVGC industry
“The government would like to be facilitators and supporters of the media and entertainment industry so that it reaches the world stage”. While the Media & Entertainment industry is growing at fast pace , the sector needs to step up the game to ‘catch up with the world’. “The world is interested in Indian stories and Indian culture” said Shri Apurva Chandra, Secretary, Ministry of Information and Broadcasting, Government of India. He was speaking at the inaugural address of the 23rd edition of FICCI FRAMES here in Mumbai today. The 23rd edition of FICCI FRAMES, one of Asia’s largest and most definitive annual global convention on the business of Entertainment is being held from the 3-5th May 2023 at , Powai, Mumbai.
Further speaking on overcoming the challenges of manpower and infrastructure that are before the industry, the Secretary said, “The Government is committed to working alongside the industry to set up more and more institutes so that more manpower comes on board in the industry.
The Secretary said, “Animation, visual effects and graphics are areas which have tremendous potential. With the establishment of the AVGC Task Force and the creation of a national policy for AVGC, India will be well on its way to becoming a global leader in the AVGC industry.” He elaborated that government is going to explore ways to introduce AVGC in school curriculum so that students are exposed to this growing and exciting sector at an early age. He also stated that the Government hopes to make a National Centre for Excellence operational in Mumbai by next year.
Speaking about the National Film Heritage Mission, the Secretary said that Government will soon launch a program under which film enthusiasts and common citizens can fund the digitization and restoration of their favourite film. He further added that, government is targeting digitization and restoration of more than five thousand feature films and short films. Out of this 1400 feature films and 1100 short films are already digitized.
Underlining the role of the National Film Development Corporation of India (NFDC), the Secretary said, “Through NFDC we need to finance projects and give support to young filmmakers who don’t have access to funds otherwise. We also hope to come up with NFDC’s own OTT as a platform to showcase those films that don’t get space in the market so that young talent gets a chance to showcase its talent”, he said.
Expressing hope that recent policy decisions will prevent film piracy, the Secretary said, “The cabinet has recently approved the revamp of the Cinematograph Act so that strict action can be taken against piracy. The act is likely to be introduced in the Monsoon Session of Parliament. We hope to get it passed soon. This will give direct powers to the government to take action against websites showing pirated films.”
Shri Apurva Chandra, also released the FICCI- EY Media and Entertainment Report titled ‘Windows of Opportunity: India’s M & E Sector Maximizing Across Segments’, at the inaugural session of FICCI Frames. As per the Report, the media and entertainment industry has cross the two lakh crore mark. The industry has witnessed 20 percent growth in comparison to 2021.
Also present on the occasion were Shri. Subhrakant Panda, President, FICCI & Managing Director, Indian Metals & Ferro Alloys Ltd., Ms. Jyoti Deshpande, Chair, FICCI M & E Committee and CEO, Viacom 18 Media Pvt. Ltd. & President Media & Content Business, Reliance Industries Ltd., Shri. Ayushmann Khurrana, Renowned Indian Actor, Shri. Ashish Pherwani, Partner, M&E, EY, Shri. Shailesh K Pathak, Secretary General, FICCI.
Speaking on the occasion, Mr. Ayushmann Khurrana said, “The more local we go, the more global we reach. Our film industry is at the cusp of global greatness, and I am fortunate to be living in a time where the world has become a creative melting pot of culture. India is being looked at as a creative juggernaut and our industry is being welcomed globally.”
In his welcome address, President of FICCI, Shri. Subhrakant Panda elaborated on the development story that is evolving in the Indian media and entertainment industry. “The entertainment and media industry is clearly on an upward trajectory going at a CAGR of 10.5% over the last several years. In the year 2022 -2023 it grew at an above average rate of 11.4%, which speaks volumes of the industry’s resilience and its potential to create new opportunities in a rapidly evolving landscape. As the Indian media and entertainment industry undergoes a digital revolution, this is a pivotal moment of transformation”, he said.
The three-day FICCI Frames convention will be an unparalleled platform for the exchange of ideas and knowledge between individuals, countries and conglomerates. The theme of this year’s convention is Inspire-Innovate-Immerse, celebrating the evolution of the industry and reflect on its future. The convention’s agenda includes panel discussions, conferences, exhibitions, fireside chats, masterclasses, and workshops, covering various topics such as film, television, animation, gaming, music, and digital media and other sub sectors of Media & Entertainment industry. BCS Bureau