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Film industry set for robust growth
The Indian film industry is expected to be worth Rs.100 billion by 2008 but it continues to be plagued by piracy that costs the industry Rs.4 billion annually, the parliament was informed Monday.
In a written reply to a question in the Rajya Sabha, Information and Broadcasting Minister S. Jaipal Reddy said the film industry was expected to grow at a compounded annual growth rate of 18 percent by 2008.
Quoting the findings of a report of the Indian Chambers of Commerce and Industry (FICCI) on the Indian entertainment industry this year, he said the industry had recorded a loss in 2002 but gross revenues had increased to Rs.45 billion in 2003.
According to the FICCI report, the Indian diaspora across Europe, Africa, the Middle East, Latin America and North America is conservatively estimated at 20 million.
The potential of the film industry to earn foreign exchange was directly linked to the effective reach of Indian films to these viewers, as also its visibility in global markets, the report said.
But pirated videocassettes and discs posed a threat to the health of the industry, which falls under the purview of the human resource development industry.
Reddy said the state governments were responsible for dealing with piracy.
"Copyright enforcement cells had been set up in most states and federally administered territories to deal with piracy. However, no data was maintained by the central government regarding the number of video piracy cases," he said.