The Indian Media & Entertainment (M&E) sector is an economic enterprise that is capable of creating employment and wealth much faster than most other sectors and with the ability to be a force multiplier, like it is in most countries, according to Uday Shankar, Chairman, FICCI Media & Entertainment Committee.
Mr. Shankar, who is CEO Star India, was speaking at the inaugural session of the 14 edition of FICCI Frames 2013 which is the annual conclave for the media and entertainment industry. This year’s theme is ‘A tryst with destiny: engaging a billion consumers.’
“The lens often used to look at this industry is largely one of glamour and propaganda and the biggest debate is on how to control and contain it,” said Mr. Shankar.
“As a result, the growth of media and entertainment has not been supported by policy and regulatory initiatives”.
The industry employs six million people.
According to a FICCI-KPMG Media & Entertainment 2013 report released on Tuesday, the impetus introduced by digitisation, continued growth of regional media and continued strength in the film sector is likely to see the Indian media and entertainment industry grow 11.8 per cent in 2013 to reach Rs.91,700 crore from Rs.82,000 crore in 2012. The report said that the M&E industry is projected to grow at a compounded annual growth rate (CAGR) of 15.2 per cent to reach Rs.166,100 crore by 2017.
Naina Lal Kidwai, President, FICCI, said, “Our endeavour is to develop and engage with a varied consumer base. The FICCI-Frames report this year has outlined tremendous growth for the sector with one of the key drivers for change being digitisation. Apart from this, rapid increase in mobile usage and internet penetration, along with 3G and 4G will continue to determine growth for the industry”.