By the end of March, the Indian ministry is expected to formalise a memorandum of understanding with the United Arab Emirates to establish an AVGC task force.
India’s Ministry of Information and Broadcasting (I&B) Secretary, Apurva Chandra, has announced that India intends to make the media & entertainment sector a $100bn industry by 2030.
Speaking at a session on Animation, Gaming and VFX after inaugurating the Media & Entertainment fortnight at the Pavilion, Chandra said: “The M&E sector, one of the fastest-growing sectors in India, is currently at $28bn and we aim to make it $100bn by 2030, growing at a cumulative rate of close to 12% every year.”
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 Ministry is expected to soon formalise a memorandum of understanding with the United Arab Emirates in this regard.
Chandra led a delegation of the Ministry comprising Doordarshan Director-General Mayank Agrawal, Joint Secretary Vikram Sahay, and Ravinder Bhakar, Chief Executive Officer of the Central Board of Film Certification and Managing Director, National Film Development Corporation of India.
The secretary held a meeting with Ajay Sethi, chairman of Channel 2 Group Corporation, who apprised him of his company’s plan to launch a live radio channel in India dedicated to sports.
Sethi said: “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.”
The company, which has collaborated with stars including Kapil Dev and Sunil Gavaskar, plans to invest in infrastructure, marketing and content. Currently, it is in a 60:40 revenue sharing model with Prasar Bharati, but not producing content.
The company operates FM channels in Dubai, TV channel in Kenya, Media City, cricket teams in Caribbean and South Africa, among other key activities. It owns ICC global cricket radio rights.
The upcoming Indian movie RRR was also launched globally in the presence of the Secretary and other dignitaries.
Shri Chandra stated: “India’s prowess has already been displayed in the IT sector throughout the world. Since AVGC sector is a mix of creative and technological expertise, India has a massive potential to showcase its brilliance. The government has also recognised the potential of M&E sector and has announced the creation of a task force soon that will formulate the AVGC policy to provide incentives, skills and training to our talented youth to do more in this particular area.”
As part of the fortnight, the Ministry of I&B will organise various events covering areas including film, broadcasting, events, and OTT, among others. During the fortnight, India’s prowess in the sector will be showcased to a global audience and discussions on possible collaborations of the Indian industry with their global counterparts will be organised.
The M&E fortnight will conclude on March 31.
