By the end of March, the Indian ministry is expected to formalize a memorandum of understanding with the United Arab Emirates to establish an AVGC task force.
Indian Ministry of Information and Broadcasting (I&B) Secretary Apurva Chandra has announced that India aims to grow the media and entertainment sector into a $100 billion industry by 2030 .
Speaking during a session on animation, games and visual effects after the inauguration of the media and entertainment fortnight at the pavilion, Chandra said: “The M&E sector, one of the sectors at the fastest growing in India, currently stands at $28 billion and we aim to make it $100 billion by 2030, growing at a cumulative rate of nearly 12% each year.
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 ministry is expected to formalize a memorandum of understanding with the UAE soon in this regard.
Chandra led a ministry delegation that included Doordarshan Managing Director Mayank Agrawal, Joint Secretary Vikram Sahay and Ravinder Bhakar, Managing Director of Central Board of Film Certification and Managing Director of National Film Development Corporation of India.
The Secretary met Ajay Sethi, Chairman of Channel 2 Group Corporation, who briefed him on his company’s plans to launch a live radio channel in India dedicated to sports.
Sethi said: “The current broadcast of live cricket in India on radio lacks quality and content and there is also a delay of around 11 seconds.”
The company, which has collaborated with stars such as Kapil Dev and Sunil Gavaskar, plans to invest in infrastructure, marketing and content. Currently, it is in a 60/40 revenue share model with Prasar Bharati, but does not produce content.
The company operates FM channels in Dubai, a TV channel in Kenya, Media City, cricket teams in the Caribbean and South Africa, among other key businesses. It holds the ICC worldwide cricket radio rights.
The next Indian movie RRR was also launched globally in the presence of the Secretary and other dignitaries.
Shri Chandra said, “India’s prowess has already manifested itself in the IT sector across the globe. Since the AVGC sector is a blend of creative and technological expertise, India has huge potential to show off its brilliance. The government has also recognized the potential of the M&E sector and announced the upcoming establishment of a task force that will formulate AVGC policy to provide incentives, skills and training to our talented young people to do more in this particular area.
As part of the fortnight, the Ministry of I&B will organize various events covering areas such as cinema, broadcast, events and OTT, among others. During the fortnight, India’s prowess in the sector will be showcased to a global audience and discussions on possible Indian industry collaborations with their global counterparts will be held.
The M&E fortnight will end on March 31.