comscore

How is Bollywood helping the Indian economy?

Overall Indian economic growth may have slowed but the entertainment industry is in good health, contributing Rupees 50,0000 crore to the economy, equating to 0.5% of GDP in 2013, according to the r

By | Updated: March 16, 2014 1:46 pm
How is Bollywood helping the Indian economy?

Entertainment contributes Rupees 50,000 crore to nations’s benefit

Overall Indian economic growth may have slowed but the entertainment industry is in good health, contributing Rupees 50,0000 crore to the economy, equating to 0.5% of GDP in 2013, according to the report ‘Economic Contribution of the Indian Motion Picture and Television Industry’, by financial services firm Deloitte. The sector also supports 18.8 lakh jobs.

The report also says that while the growth in total gross value added of 15% over 2009 indicates the growing significance of this industry in the Indian economy, industry representatives were eager to reflect that the sector had the potential to contribute on a much greater scale if content was better protected and the complex taxation of the industry reviewed.

Siddharth Roy Kapur, Managing Director – Disney India, said, “The year 2013 has been an interesting one for the Media & Entertainment industry. For Filmed Entertainment it has been another year of strong growth for the theatrical business, which still accounts for the lion’s share of overall revenue. For Television it has been a ‘wait and watch’ year, driven by changes in the regulatory environment, a new ratings system on the anvil, an overall slowdown in advertising growth and finally, a mixed report card on digitization with lower than expected growth in DTH subscribers balanced by positive signs on carriage fee reductions.”

Bollywood led the growth, with three successive films, Chennai Express, Krrish 3 and Dhoom:3, breaking the long standing all time collection record held by 3 Idiots.

Sudhanshu Vats, Group CEO, Viacom 18 Media Pvt. Ltd, said, “There is need to build capacity across people, funding, technology and infrastructure. We need to add more than 2.5 million to the workforce over the next eight years. New funding models are needed to diversify risks for investors as well as to put together larger budget productions in line with global standards. Fragmentation of media consumption across platforms and devices along with individualization of consumer preferences demands for a structured approach towards investments in new and innovative technology solutions. Finally, an enabling infrastructure, including exhibition, internet access and broadband, theme parks, events and transponder availability, is crucial to be able to service the demand of the sector.”

 

LIKE US. FOLLOW US. STAY CONNECTED.
Facebook
Twitter
Google +
Youtube

Latest from News & Gossip

Ranbir Kapoor, Katrina Kaif, Parineeti Chopra win BIG at Vogue Beauty Awards 2016!
Ranbir Kapoor, Katrina Kaif, Parineeti Chopra win BIG at Vogue Beauty Awards 2016!
Katrina Kaif's RED HOT ensemble for Vogue Beauty Awards 2016 is going to give you sleepless nights!
Katrina Kaif's RED HOT ensemble for Vogue Beauty Awards 2016 is going to give you sleepless nights!
5 reason why we find Dhanush to be PERFECTLY unconventional and we love him for that!
5 reason why we find Dhanush to be PERFECTLY unconventional and we love him for that!
View More

Latest Videos

Sunny Leone is the latest actress to get bitten by the Snapchat bug!
Sunny Leone is the latest actress to get bitten by the Snapchat bug!
Varun Dhawan and Jacqueline Fernandez speaking Gujarati is the funniest thing you'll see today - watch video!
Varun Dhawan and Jacqueline Fernandez speaking Gujarati is the funniest thing you'll see today - watch video!
Karan Johar dancing to Kareena Kapoor's song is the WACKIEST thing you'll see this Wednesday - watch video!
Karan Johar dancing to Kareena Kapoor's song is the WACKIEST thing you'll see this Wednesday - watch video!
View More

Latest Photo Galleries

Kasauti Zindagi Kay actress Shweta Tiwari is holidaying with husband and daughter in Goa!
Shah Rukh Khan meets ‘Don’ buddies Farhan Akhtar and Riteish Sidhwani to discuss ‘Don 3’??
Priyanka Chopra was Usher’s special guest at Snapchat’s ‘Today Show’ !
View More