Mumbai, May 3 (IANS) A new report suggests that the film, television and online video services industry in India is opening new dimensions in the country. The sector has supported a total of 2.64 million jobs in India.
It also generated a total economic contribution of INR 5, 14, 000 crore in 2024, demonstrating the vital importance of the screen sector to the economy, jobs, cultural exports and India’s soft power.
The report put together by the Motion Picture Association (MPA) in collaboration with Deloitte was launched at the inaugural World Audio Visual Entertainment Summit (WAVES) in Mumbai. The Ministry of Information & Broadcasting, MPA and JioStar launched the industry economic impact report. The report was also supported by the Federation of Indian Chambers of Commerce & Industry (FICCI), the Producers Guild of India (PGI) and Creative First.
MPA Chairman and CEO Charles Rivkin said, “India is a critical global market for MPA members, and its dynamic film, television, and streaming industry is a powerful driver of jobs, cultural influence, and the country’s overall creative economy.” Rivkin said.
He further mentioned, “Our members are proud to invest in developing local stories that reflect the unmatched imagination of creators from every corner of India and sharing them with international audiences. With the right policies and continued investment, India can build an even stronger production ecosystem – one that rewards creativity, fuels innovation, and cements India’s place as a global hub for media and entertainment”.
The MPA’s report estimates that the direct impact of gross output of the screen sector in 2024 equated to INR 1, 41, 000 crore indicating that the industry had weathered the challenges of the pandemic and responded quickly to growing audience demand for films, drama and sport, on big screens and small.
Crucially, the research finds that the local industry will grow at a Compound Annual Growth Rate (CAGR) of six to seven percent in the next four years. It also projects that, with effective regulatory levers in place, the industry may witness a higher growth trajectory of nine to ten percent CAGR.
Shibasish Sarkar, President of the Producers Guild of India, said, “The film and television industry could well become a flagship sector in India’s global trade ambitions, as well as a beacon for India’s culture, if all stakeholders work together to create the best possible environment for growth and continued innovation. In recent years, we’ve seen important developments in skills and training and the ability of Indian crews to deliver high quality production and post production. Progress on these areas will stand our industry in good stead as we build our capacity for higher levels of production”.
The launch was followed by an MPA panel focused on India’s aspirations to become a global force in film, television and streaming, featuring Sanjay Jaju – Secretary, Ministry of Information and Broadcasting (MIB), Justin Warbrooke – Head of Corporate Development, Disney, Kelly Day – VP International, Amazon MGM, Kaitlin Yarnall – Chief Storytelling Officer, National Geographic Society and Urmila Venogopalan – President & Managing Director, MPA Asia Pacific – as moderator.
–IANS
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