The Information & Broadcast and Textiles minister Smriti Zubin Irani inaugurated the 19th edition of FICCI FRAMES 2018 themed Creative Future: Coronation of Digital Consumer.
While Mr.Rashesh Shah, President, FICCI gave the opening remarks, the welcome and key address was delivered by Siddharth Roy Kapur, Co-Chair, FICCI Media & Entertainment Committee. The inauguration was followed by an enriching conversation between Smriti Irani and Karan Johar, Filmmaker and Chief Mentor FICCI.
With the release of FICCI EY Media and Entertainment report 2018, Mr Sanjay Gupta, Managing Director, Star India Pvt Ltd delivered the industry address. “FICCI is launching an international content market which is a great initiative. We are a 126000 cr industry with 0.74 lac people and that is less than 1 percent of GDP. We are the largest producers of films but the entire industry is valued less than the box office collection of AVATAR. We don’t have a revenue model that is salable and can actually make sense according to the investments made. It is important to see what the challenges are and what we need to do to be able to move forward,” said Siddharth Roy Kapur.
“Single Window clearance is tremendous for the industry,” Siddharth Roy Kapur concluded.
Smriti Irani while conversing with Karan Johar spoke about the power of entertainment in India. Speaking about regional cinema she said, “We don’t really talk about the capacity of our regional language films. How many countries can say that I have a Marathi box office hit like SAIRAT or Prosenjit doing films that cut across India or we have had a legend like Sridevi who did films in 5 languages and was a superstar not only in Delhi, Mumbai but the entire nation. This is what we need to celebrate. The more the expanse of content, the more the opportunities for local languages and local talent to come to the forefront. The beauty of our industry is that we are everywhere.”
Also present at the inauguration ceremony were Chef Vikas Khanna, Ramesh Sippy, Amit Khanna, Prasoon Joshi, Sooraj Barjatya and Huma Qureshi among several others.
“The media and Entertainment industry has been growing by leaps and bounds and is the heart of our country. We at FICCI are happy to bring business and entertainment together,” said Mr. Rashesh Shah.
“There is no better time than now for the media and entertainment industry. The digital revolution has redefined the industry. We have 51 Cr smart phone screens and with digitization, we have become a creative powerhouse,” said Sanjay Gupta.