Sanjay Jaju at FICCI Frames 2024

Addressing FICCI FRAMES 2024, being held at Mumbai March 5-7, 2024 Sanjay Jaju, Secretary, Ministry of Information and Broadcasting, said, “The media and entertainment industry play a pivotal role in shaping our society, influencing our perspectives, and has a multiplier effect on our economy.

The sector is renowned for its creativity, innovation, and cultural richness. It serves as a beacon not only for our nation but also for the world.
The government recognizes the pivotal role that Indian media and entertainment sector plays in shaping our society, influencing our perspectives, and reflecting our collective efforts.

“With nearly 60 OTT platforms operating in our country, including many in regional languages, the industry’s value has soared to approximately $2.5 billion,” stated Jaju. He noted the influx of foreign investments, attributing it to the burgeoning content production within India. This surge, according to Jaju, signals India’s ascent as a prominent contributor to the global community of nations, particularly in the realm of media and entertainment.

Jaju also highlighted the rapid expansion of digital media, with a staggering 30 percent year-on-year growth, contributing significantly to India’s overall media and entertainment sector, projected to reach ₹2 lakh crores as per FICCI Australia’s report.

Jaju also discussed the liberalization of Foreign Direct Investment (FDI) limits, upping it to 100% in cable and Direct-To-Home (D2H) sectors, alongside initiatives such as uplinking and downlinking guidelines and the national Audio-Visual Graphics and Animation (AVGC) policy, set to bolster investments and safeguard intellectual property.

Commenting on the various government initiatives along with the AVGC policy,  Jaju further emphasized that the policy is now in an advanced stage. “I can assure you that this policy is not only going to facilitate investments within our country and the states but will also foster innovation. It will ensure skill development and help protect intellectual property and will also contribute to building world-class infrastructure. We also envisage setting up of National Center of Excellence for animation, VFX, and extended reality sector along with setting up incubation centers,” he added.

He highlighted that the government is giving a thrust for foreign films makers to make films in India. “The Indian media and entertainment sector not only has huge growth potential but also brings in a lot of employment. Our focus will be on creating a conducive environment for the industry to thrive. All stakeholders need to collaborate and innovate to capitalize on the huge opportunities,” he noted.

He concluded by reiterating the significance of the media and entertainment sector as a sunrise industry, poised to propel India’s trajectory as a major industrial powerhouse, driven by innovation and employment opportunities.

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BCS Bureau