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Government commits to help media industry reach $100 billion mark by 2024

Buoyed by the government’s commitment of wholehearted support, the country’s media & entertainment (M&E) industry is looking forward to capitalize on the tremendous growth potential exists in the Indian market. The industry is hopeful of joining the $100 billion club by year 2024.

The M&E sector has been growing leaps and bounds since 1990s. From having only one state owned channel Doordarshan in its portfolio around 25 years back, the sector now accounts for over 400 channels in India. Over the past few years, a number of new segments have marked their significance in this industry such as OOH (out of home advertising), animation, visual effects (VFX) and gaming.

However, the growth figures haven’t been as per the expectations due to extensively delayed clearances and decisions by the Information & Broadcasting (I&B) ministry in last few years. As the new government now has settled in, the industry’s top decision makers are now urging for quick action from the I&B ministry (http://mib.nic.in/) on the pending decisions.

Being confident of no further delay on the pending decisions, around 40 top decision makers of the M&E industry interacted with the I&B minister Prakash Javdekar at the CII CEOs roundtable on media & entertainment. The same platform was also used by the CEO’s to brief the I&B minister on issues faced in domains like broadcast, DTH, films, cable, print, radio, etc.

CII chairman, Mr. Ajay Shriram emphasized on the contribution of this sector in country’s economic growth in his opening address. He said that the M&E sector can be highly beneficial for the Indian economy with its soft power. Providing employment to around 10 million people the M&E sector has a potential of taking this figure to over 20 million in coming years.

While ensuring the top bosses of broadcasting sector of government’s commitment to make quick decisions, the I&B minister indicated that consensus and communication will be main focus areas of the government. He added that government is working on implementation of a new process which will reduce the decision making time considerably to just 4 weeks for the decisions which were taking over four months in the past.

As per a CII release (http://www.cii.in/NewsRoom.aspx?gid=N) of the interaction, Mr. Javdekar cleared ministry’s position on various issues which comprises of continuation of ongoing digitization, fast processing of phase III licensing of Radio, allowing FM Radios to air news bulletins, self regulation for the print media and review of the DAVP rates applied currently.

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