New Delhi, Mar 18 (PTI) India’s media and entertainment industry is one of the fastest growing media industries in the world and is expected to reach $100 billion by 2030, Apurva Chandra, Secretary, Ministry of Information and Broadcasting (MIB), said Friday.
Chandra, who kicked off Media and Entertainment Week at the Indian Pavilion at Expo Dubai, said India’s media and entertainment industry is currently valued at $28 billion and pointed out that the country has the talent and creative skills needed in the industry.
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Speaking at a panel discussion held at the India Pavilion on “Animation, Visual Effects, Games and Comics (AVGC) Content Creation Collaboration with India,” said Chandra said, “India’s media and entertainment industry is one of the fastest growing. and the most visible in the world.”
“The Indian media and entertainment industry is valued at $28 billion and is expected to reach $100 billion by 2030, with a cumulative growth rate of 12%. India has the talent and creative skills needed in the industry,” he said. .
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Chandra mentioned that the ministry will set up an AVGC task force by the end of this month with the aim of formulating an AVGC policy to further facilitate businesses in the sector.
The event was also attended by actor R Madhavan, who applauded the Indian government for its attention to the AVGC sector and spoke about Indian talent and its potential for growth.
The discussion saw a wide range of contributions from industry leaders from India, the United Arab Emirates (UAE) and other countries, who agreed that India offers vast outsourcing opportunities in the sector AVGC, while expressing the need to foster stronger private sector collaborations in India and Middle Eastern countries, sources told the ministry.
The Indian government and Channel 2 Group Corporation are also set to launch a live radio station dedicated to sports.
Chandra held a meeting with Ajay Sethi, Chairman of Channel 2 Group Corporation, who shared his vision for starting the radio station.
“The current live cricket broadcast in India on radio lacks quality and content and there is also a delay of around 11 seconds,” Sethi said, adding that his company is ready to invest in infrastructure, the marketing and content.
Chandra assured him of the full support of the ministry to move this endeavor forward, the ministry said in a statement.
Channel 2 Group Corporation operates FM stations in Dubai and cricket teams in the Caribbean and South Africa, among its other key businesses. The company owns the worldwide rights to ICC cricket radio.
Over the next fortnight, the Ministry of Information and Broadcasting will participate in various events at the India Pavilion. It will also formalize a Memorandum of Understanding (MoU) with the United Arab Emirates for mutually beneficial collaboration. Discussions will continue over the next few months and the memorandum of understanding is expected to be signed in six to eight months, the ministry said.
The upcoming movie “RRR” was launched globally with Chandra, movie director SS Rajamouli and actors Ram Charan and NT Rama Rao Junior in attendance.
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