*M&E sector is a chief contributor to India’s soft power and India’s ascendance among comity of nations*
*Media & Entertainment sector has growth and employment intensity embedded in it and is a multiplier for our economy: I & B Secretary Shri Sanjay Jaju*
*FICCI FRAMES 2024 inaugurated in Mumbai; to bring together key M&E industry figures, influencers and policy makers for communication and exchange*
Pune :-
The 24th edition of FICCI Frames began in Mumbai today. The inaugural session was attended by the Minister for Skills Development and Entrepreneurship, Government of Maharashtra, Shri Mangal Prabhat Lodha and Secretary, Ministry of Information and Broadcasting, Shri Sanjay Jaju, along with Actor Ms. Rani Mukherjee, FICCI Vice President Shri Anant Goenka, FICCI Chair of Media & Entertainment (M&E) Committee Shri Kevin Vaz and FICCI Chair for AVGC Shri Ashish Kulkarni amongst the dignitaries.
Welcoming all participants of the conference on behalf of the Government of Maharashtra, Shri Mangal Mangal Prabhat Lodha said, skilling and re-skilling will gain utmost importance in the coming days for a youthful nation like India and urged for industry support in the skill sector. Realization of Honourable PM’s dream of a ‘Viksit Bharat’ depends on collective contribution of everyone, he added.
Delivering the special address on the occasion, the Secretary, Ministry of I & B, Shri Sanjay Jaju stated that GoI has recognized the pivotal role M&E segment plays in shaping our society, influencing our perspectives, and reflecting our collective efforts. This industry is renowned for its creativity, innovation, cultural richness, and it serves as a beacon for not only our nation, but also for the world. This sector resonates deeply with the diverse tapestry of the Indian life and it transcends boundary and fosters unity amongst diversity for a country as diverse as ours, I & B Secretary further stated.
I&B Secretary Shri Sanjay Jaju further said, M&E is a unique segment having growth and employment intensity embedded in it, and at the same time it is a sunrise sector from the point of view of disruptions happening in the sector. This sector plays an important role as a multiplier for our economy, he added.
M&E sector witnessing rapid shifts with the availability of online media content
I&B Secretary said, India is currently going through a phase of digital transformation, M&E sector is also witnessing rapid shifts which is happening with the availability of online media content. Accessibility of content over the internet has come with the availability of fairly affordable smartphones and data across every nook and corner of the country. Speaking about digital infrastructure, he informed that India has 90 crore internet users, 60 crore+ smartphones and 4 crore+ connected TVs.
M&E sector a chief contributor to India’s soft power
The size of India’s M&E segment is estimated to be near 2 lakh crore, as per FICCI-Ernst & Young report of last year. Stating this, I&B Secretary also informed that digital media segment is witnessing “huge” growth of 30 percent year-on-year. The real shift has come in with the growth of OTT segment. We have close to 60 OTT platforms in the country, many of which are in regional languages. The OTT segment is currently valued at Rs 10 thousand crores in India. This segment is also drawing foreign investments because of growth of content in our country. Lots of countries are becoming top international market for India’s OTT content, stated the I& B Secretary. “All these data paves way for looking at M&E sector as a chief contributor to India’s soft power and India’s ascendance among comity of nations”, stated the I& B Secretary.
Government Policies and Initiatives for M&E Sector
“As we move forward, the Government of India’s focus is on creating a conducive environment for the industry to thrive”.
I& B Secretary Shri Sanjay Jaju added that many initiatives are being taken by Government of India and the State Governments to promote the Media and Entertainment sector, like Amendments to the Cinematograph Act, Information Technology Intermediary Guidelines, Digital Media Ethics Code (Rules), enhanced FDI limits in cable at DTH sectors and others. A lot of reforms have been brought in the TV Broadcasting sector, like uplinking and downlinking guidelines that ensure Ease of Doing Business and ease of compliance.
I & B Secretary stated that the National Animation, Visual Effects, Gaming and Comics (AVGC) policy is now in its advanced stage and is a pivotal component of “Create in India for the World”. He assured that the AVGC policy, that has been drafted with inputs from industry stakeholders, will facilitate investment, foster innovation, ensure skill development, protect intellectual property and help build world class infrastructure. I & B Ministry has also envisaged setting up of a National Centre of Excellence for AVGC and Extended Reality sector which will create a world-class talent pool for this segment and would also allow setting up of incubation centres and provide guidance to the industry.
I&B Secretary also informed that recently a scheme has been announced for giving incentives to foreign filmmakers for shooting in India. He said that India has signed co-production treaties with multiple countries to ensure that big budget international films come to our country. This will not only bring in investments but create cross-country linkages and catapult us to showcase our soft power, he added.
I&B Ministry also organizes film festivals like IFFI, MIFF etc. and participates in various international film festivals to promote India’s M&E sector and showcase our cinematic culture to the world. I& B Secretary said that the Ministry also has many regional film festivals which help to disseminate the culture of filmmaking, film-viewing and consuming M&E content at the grassroots in areas which have remained untouched by the mainstream.
“As we move forward, the Government of India’s focus is on creating a conducive environment for the industry to thrive”, he said.
The I & B Secretary Shri Jaju also said that conferences like FICCI FRAMES will make India a world leader in M&E segment and will bring in multiplier effect and promote economic development in our country.
Actor Ms Rani Mukerji said that FICCI FRAMES 2024 has set the agenda for an ever-changing media and entertainment industry. “The pandemic forced us to adapt, innovate, and reimagine the ways in which we connect with audiences. As consumer preferences evolve, there is a growing demand for unique and innovative content delivery,” she added.
The FICCI-EY Report “’Reinvent’ – India’s Media & Entertainment Sector Is Innovating For The Future”, was also launched on the occasion.
Like previous years, FICCI FRAMES 2024 will provide a platform for communication and exchange between M&E stakeholders, including industry figures, influencers, and policy makers for three days. This conference has brought together more the 400,000 professionals from India and abroad representing the various sectors of the industry.
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