FICCI FRAMES 2013: Stalwarts remember Yash Chopra as beacon of growth for M&E Industry

The 14th chapter of Asia’s foremost Conclave on Media & Entertainment - FICCI Frames opened in Mumbai today amidst powerful announcements that augur well for the growth of the industry. This year, the theme of the three day annual conclave is 'A tryst with destiny: Engaging a billion consumers'.

The inaugural session was opened by Naina Lal Kidwai – President FICCI, Uday Shankar- Chairman FICCI M&E Committee, Karan Johar - Co Chair FICCI Frames, Ramesh Sippy Co-chair FICCI M&E Committee, Dr. A Didar Singh – Secretary General FICCI, Preneet Kaur- Hon’ble Union Minister of State for External Affairs, Government of India, Dr. Soon Tae Park – Deputy Minister, Ministry of Culture, Sports & Tourism, Republic of Korea, Andy Bird – Chairman Walt Disney International along with actor Kareena Kapoor. 

Preneet Kaur- Hon’ble Union Minister of State for External Affairs, Government of India said, “The Indian M&E continues to retain the growth curve. This year we complete the milestone of 100 years of cinema. Indian Cinema has built bridges with all parts of the world. The next decade is crucial when this industry has to consolidate and expand. The M&E industry has the potential to be the harbinger of social and economic change”.

Naina Lal Kidwai, President, FICCI said “Our endeavor is to develop and engage with a varied consumer base. The FICCI FRAMES report this year has outlined tremendous growth for the sector with one of the key drivers for change being digitization. Apart from this, rapid increase in mobile usage and internet penetration, along with 3G & 4G will continue to determine growth for the industry. Regional media continues on an evolution strategy. FICCI’s commitment to training and development will create skilled manpower to boost the industry.”

Uday Shankar, Chairman, FICCI M&E committee added, “This industry is an economic enterprise that is capable of creating employment and wealth much faster than most other sectors and with the ability to be a force multiplier, like it is in most countries,” Shankar said, adding that the $15-billion industry employs millions.

Shankar further said: “The lens often used to look at this industry is largely one of glamour and propaganda and the biggest debate is on how to control and contain it. As a result, the growth of M&E has not been supported by policy and regulatory initiatives.”

The inaugural address was followed by the release of FICCI-KPMG Report on the Media and Entertainment sector.

The key findings of the report estimates the industry will grow 11.8 per cent to INR917 billion this year from INR820 billion in 2012, aided by digitization, growing regional media and the upcoming elections.

The KPMG report states that the M&E industry will touch Rs 1600 Billion in 5 years.

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