Mumbai (Maharashtra) [India],
The report launched at the inaugural World Audio Visual Entertainment Summit (Waves) in Mumbai also found that the industry supports 2.64 million jobs in the country.
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The MPA report estimates that in 2024 the gross production of the screen sector was equal to the USD 16.8 billion (Rs 141 thousand crore), indicating that the industry faced the challenges of the epidemic and quickly responded to the demand of the growing audiences for films, drama and sports on big screens, drama and sports.
Severe, research has found that the local industry will grow at a mixed annual growth rate (CAGR) of six to seven percent in the next four years, reaching a joint revenue of about 17.5 billion (Rs 147 thousand crore) in FY 2029.
It also projects that, with effective regulator liver, the industry can look at the high development trajectory of CAGR, equal to a joint revenue of about 20 billion (165 thousand crore rupees) in FY 2029, in FY 2029.
MPA President and CEO Charles Rivcin highlighted the huge benefits of the film and television industry for India’s economy, the commitment of American studios and industry leaders and policy makers as a hub for creative material and story to the Indian market.
“India is an important global market for MPA members – and its dynamic film, television and streaming industry is a powerful driver of jobs, cultural influences and the overall creative economy of the country.” Rivkin said.
Ministry of Information and Broadcasting, MPA and JISTAR launched the Industry Economic Impact Report at the event. The report was also supported by the Federation of Indian Chambers of Commerce and Industry (FICCI), Producer Guild of India (PGI) and Creative First. (AI)
This report has been auto-generated from Ani News Service. ThePrint does not have any responsibility for its content.