Pune: Media and entertainment industry can contribute more to India’s GDP
Pune: Media and entertainment industry can contribute more to India’s GDP
Pune, January 11: The media and entertainment industry in India which currently contributes to about 1% of the GDP of the country can increase its contribution with the right steps and policies, opined experts at the 2nd edition of the Pune Public Policy Festival (PPPF). A panel comprising of Shibasish Sarkar, Group CEO Reliance Entertainment, Kaustubh Dhavse – OSD to CM Devendra Phadnavis, and Board Member of the Mumbai Film Festival, noted Film and Television Actress Tejaswini Pandit and Aaroh Velankar participated in a topic titled ‘Entertainment for Economic Progress’. The PPPF is going on at the Gokhale Institute of Politics and Economics.
In his opening statement, Aaroh Velankar said, “Though the contribution of the entertainment industry to India’s GDP is less it has massive reach to over 2 billion people across the globe. So, creating the right perception for this industry is of paramount importance to fuel the growth.”
Speaking on the occasion Shibasish Sarkar said, “The growth of the media and entertainment industry almost for the last 30 years before the COVID times was double the growth rate of the GDP of the country, which is drastically come down post covid. The ventures in this segment are largely funded by the private sector so we must work towards removing the myth that the entertainment industry is a loss-making one. Otherwise, it would have not survived for the past 100 years. The contribution of this segment to GDP is much higher in countries like USA and China.”
“We need the necessary policy support for the growth of the media and entertainment industry which can facilitate institutional funding, investment in related infrastructure and equipment, and creating the required human capital by introducing the needed education and training system for building a talent pool of skilled professional required for this segment. The plan to upgrade Film City in Mumbai with an investment of Rs.3000 Cr should be implemented. Metros are saturated when it comes to the exhibition business. So, we must focus on creating good multi-screen theaters in semi-urban areas of the country”, Sarkar added.
Kaustubh Dhavse said, “Our CM and cultural minister will give the required attention to the media and entertainment sector in the state. A plan to upgrade the Dadasaheb Phalke Chitra Nagari is on the cards and an announcement regarding the same is expected by the end of the year.”
“Most of the Marathi films are shot at scenic locations in the Konkan region. However, the region does not have good-quality cinema halls. The film industry and the state government should work closely to uplift the condition of Marathi cinema in the state”, Tejaswini Pandit pointed out.
