‘M&E In­dus­try Can Add Over $100 b a Year to Econ­omy’

The Economic Times - - Brands: Creating Desire - Gau­rav.Laghate @times­group.com

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.

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