Indian media and entertainment industry projected to reach $100 billion by 2030: I&B secretary

Representative Source: Shutterstock

The Indian media and entertainment industry is one of the fastest-growing media industries in the world and is projected to reach $100 billion by 2030, Apurva Chandra, Secretary, Ministry of Information and Broadcasting (MIB), said on Friday.

Chandra, who inaugurated the Media and Entertainment Week at Dubai Expo's India Pavilion, said the media and entertainment industry in India is currently valued at $28 billion and highlighted that the country has the talent and creative skill required in the industry.

Speaking at a round-table discussion organised at the India Pavilion on "Collaborating for Animation, Visual Effects, Gaming, and Comics (AVGC) content creation with India", Chandra said. He added: "The Indian 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 projected to reach $100 billion by 2030, growing at a cumulative growth rate of 12 percent. India has the talent and creative skill required in the industry."

Chandra mentioned that the ministry will set up an AVGC task force by the end of this month with the purpose of formulating an AVGC policy to further facilitate the companies in the sector. The event was also attended by actor R Madhavan, who applauded the Indian government for its attention towards the AVGC sector and talked about the talent of Indians and its growth potential.

The discussion saw a vast array of inputs from industry leaders from India, the United Arab Emirates (UAE), and other countries, who agreed that India offers vast opportunities for outsourcing in the AVGC sector, while also voicing the need for fostering stronger collaborations between the private sector in India and Middle Eastern countries, sources in the ministry said. The Indian government and Channel 2 Group Corporation are also set to start a live radio station dedicated to sports.

Chandra held a meeting with Ajay Sethi, chairman of Channel 2 Group Corporation, who shared his vision to start the radio station. "The current broadcasting of live cricket in India on radio lacks quality and content and there is a delay of around 11 seconds as well," Sethi said, adding that his company is ready to invest in infrastructure, marketing, and content.

Chandra assured him of all support from the ministry to take this venture further, 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 activities. The company owns the ICC global cricket radio rights.

In the coming fortnight, the Ministry of Information and Broadcasting will participate in various events at the India pavilion. It will also formalise a memorandum of understanding (MoU) with the UAE for a mutually beneficial collaboration. The discussions will continue for the next few months and the MoU is expected to be signed in six to eight months, the ministry said. The upcoming movie "RRR" was launched globally in the presence of Chandra, the film's director S S Rajamouli and actors Ram Charan and N T Rama Rao Junior.