India eyeing $100 bn from media & entertainment sector

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The M&E sector, one of the fastest growing sectors in India, is currently at USD 28 billion, reports Asian Lite News

India aims to make the media & entertainment a USD 100 billion sector by 2030, said country’s Ministry of Information and Broadcasting (I&B) Secretary, Apurva Chandra at the India Pavilion at Expo 2020 Dubai.

“The M&E sector, one of the fastest growing sectors in India, is currently at USD 28 billion and we aim to make it USD 100 billion by 2030, growing at a cumulative rate of close to 12 percent every year,” said Shri Chandra.

“If our country wants to grow at 8-9 percent, as envisioned by the Hon’ble Prime Minister, Shri Narendra Modi, then M&E sector has to grow faster and with all great potential in the country, I am sure that this is possible,” added the Secretary who was speaking at a session on Animation, Gaming and VFX after inaugurating the ‘Media & Entertainment’ fortnight at the Pavilion.

Elaborating on the potential of Animation, Visual Effects, Gaming, and Comics (AVGC) sector, Chandra added, “India’s prowess has already been displayed in the IT sector throughout the world. Since AVGC sector is a mix of creative and technological expertise, India has a massive potential to showcase its brilliance. The government has also recognized the potential of M&E sector and has announced the creation of a task force soon that will formulate the AVGC policy to provide incentives, skills, and training to our talented youth to do more in this particular area.”

He said that due to these reforms, India which is already considered the workshop of the world could grow further. Addressing the media, he further said that Indian media & entertainment sector is looking forward to collaborating with the UAE and other global counterparts. The VFX industry is becoming an indispensable part of film making, and the exceptional work carried out by Indian studios has catapulted the country on to the global scene. The government incentives have also helped the sector in the form of subsidies, fiscal incentives, and the creation of local hubs and facilities.

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The session was attended by actor R. Madhavan, Munjal Shroff, Co-founder, Graphiti Multimedia Pvt. Ltd., Aashish Kulkarni, Founder, Punnaryug Art Vision Pvt. Ltd., Kishore Kichli, Vice President and Country Head, Zynga, Anant Roongta, MD, Famous Studios, Namrata Yadav, CEO, MPL, Nathalie Habib, Partner/Executive Producer, Blink Studio, UAE, Ketan Mehta, CEO, Maya Movie, Akshat Rathi, MD and Co-founder, NODWIN Gaming among others.

As part of the fortnight, the Ministry of I&B will organise various events covering areas including Film, Broadcasting, Events, and OTT among others. During the fortnight, India’s prowess in the sector will be showcased to global audience and discussions on possible collaborations of the Indian industry with their global counterparts are being organised.

The delegation will organise and attend various B2B, G2B and G2G meetings and the startups from the sector will showcase their innovative ideas at the Elevate pitching series.

The M&E fortnight will conclude on 31st March.