‘M&E Industry Can Add Over $100 b a Year to Economy’
Mumbai: Media and entertainment ( M&E) industry can help India become more resilient to fundamental changes in the global economy by adding more than $100 billion to the country’s economy annually, if the government implements progressive policies, a report says.
“An appropriate policy framework (for the industry) can add up to an additional $80 billion annually to the Indian economy, over and above the $30 billion or so expected to be added by 2019,” reads the report, ‘ Promoting the Creative Economy: India’s $100 billion imperative’, by research-driven advisory firm Koan Advisory Group.
According to the report, labour, capital, markets and regulations are the four key pillars needed to work hand in hand in order to facilitate unfettered growth and bolster value formation in creative economy, popularly known as the media and entertainment industry. “In the case of India, three of these prerequisites are already met; however, the lack of a supportive regulatory ecosystem continues to be a hurdle to growth,” it said.
While there is no shortage in the availability of capital, talent, and markets for envisioning a creative economy, what the sector needs “is a regulatory framework that provides adequate economic incentives and legislative protection while balancing larger public interests of affordable access”, it said. A policy framework aimed at spurring growth in the broadcasting sector must ensure that the structural segregation is reflected in the laws that regulate the different aspects, the report said. To this end, existing laws must be reoriented toward creating a conducive ecosystem for economic abundance.