India's film and television industry contributes an immense $6.2 billion (Rs 28,305 crores) to the Indian economy, according to a new report released by PricewaterhouseCoopers.
The report, titled Economic Contribution of the Indian Film and Television Industry, also finds that the sector has a total gross output of $20.4 billion (Rs 92,645 crores) and contributes more to the GDP of India than the advertising industry.
"This report demonstrates the importance of the film and television sector to the overall growth and vitality of the Indian economy. Indians should be proud of the staggering growth that the film and television industry has achieved," said Motion Picture Association of America (MPAA) chairman Dan Glickman, who launched the report in New Delhi at the Asia Society Conference.
"The film and television industry in India is one of the world's largest markets in terms of number of consumers and offers significant growth potential. Over the past few years the industry has experienced rapid double-digit growth and it is expected that this trend will continue in future, resulting in increasing contribution to the Indian economy," added Time Warner senior vice president Hugh Stephens.
The combined revenues of the Indian film and television industry were over $7.7 billion (Rs 35,000 crores) in the calendar year 2008. This is expected to grow at a rate of 11% over the next five years, reaching a size of over $13 billion (Rs 60,000 crores). Commissioned by the Motion Picture Distributors Association (India), representing the MPA in India, the study measures the direct, indirect and induced economic impacts created by the film and television industry, and combines them to determine the industry's total economic contribution.
Glickman also commented that the report illustrates the need to protect the Indian film and television industry. "While still growing, the Indian film and television industry already contributes significantly to India's economy, and the menace of copyright theft jeopardizes a movie's ability to make money - if at all. This affects the level of investment available for new films and the ability to create new jobs for workers throughout the country. The launch of the coalition to protect film and television content is as such a clear reflection of the Indian creative community's recognition of the urgent need to act quickly to address this threat," he said.
On the need for a strong legislative response to tackle copyright infringement, Motion Picture Dist. Association (India) managing director Rajiv Dalal said, "While the film industry has come together to fight intellectual property theft, the industry also needs the Indian government to pass legislation such as anti-camcord restrictions that would allow for effective copyright enforcement."
UTV Motion Pictures CEO Siddharth Roy Kapur asserted, "While this report is significant as it highlights the economic benefits of our industry, let us not forget our community's social and cultural contribution to the development of society