AVGC policy to facilitate investments, foster innovation and contribute to building world-class infrastructure: Sanjay Jaju, Secretary, MIB

AVGC policy to facilitate investments, foster innovation and contribute to building world-class infrastructure: Sanjay Jaju, Secretary, MIB

MUMBAI, 05 March 2024: Mr Sanjay Jaju, Secretary, Ministry of Information and Broadcasting, Govt of India today said that the media and entertainment industry play a pivotal role in shaping our society, influencing our perspectives, and has a multiplier effect on our economy. “The sector is renowned for its creativity, innovation, and cultural richness. It serves as a beacon not only for our nation but also for the world,” he added. Addressing the ‘FICCI FRAMES 2024’, Mr Jaju stated that the government recognizes the pivotal role that Indian media and entertainment sector plays in shaping our society, influencing our perspectives, and reflecting our collective efforts. “India is going through digital transformation phase and the sector is also witnessing rapid shifts with the availability of content which is online,” he stated. We are also witnessing a rapid increase in the foreign investments especially in the OTT segment which paves the way for looking at this segment as a chief contributor to India’s soft power, noted Mr Jaju.

Speaking on the various government initiatives along with the AVGC policy, Mr Jaju further emphasized that the policy is now in an advanced stage. “I can assure you that this policy is not only going to facilitate investments within our country and the states but will also foster innovation. It will ensure skill development and help protect intellectual property and will also contribute to building world-class infrastructure. We also envisage setting up of National Center of Excellence for animation, VFX, and extended reality sector along with setting up incubation centers,” he added. Mr Jaju further highlighted that the government is giving a thrust for foreign films makers to make films in India. “The Indian media and entertainment sector not only has huge growth potential but also brings in a lot of employment. Our focus will be on creating a conducive environment for the industry to thrive. All stakeholders need to collaborate and innovate to capitalize on the huge opportunities,” he noted. Mr Mangal Prabhat Lodha, Minister of Skill Development and Entrepreneurship, Govt of Maharashtra said that the realization of ‘Viksit Bharat’ depends on the collective contribution of everyone, and skilling is integral to the future of our country.

Ms Rani Mukerji, Indian Actress said that FICCI FRAMES 2024 has set the agenda for an ever-changing media and entertainment industry. “The pandemic forced us to adapt, innovate, and reimagine the ways in which we connect with audiences. As consumer preferences evolve, there is a growing demand for unique and innovative content delivery,” she added.

Mr Anant Goenka, Vice President, FICCI and Vice Chairman, RPG Group said that FICCI FRAMES 2024 has been a cornerstone over the years, significantly influencing the trajectory of India's media and entertainment industry. The Indian media and entertainment sector has witnessed remarkable growth over the past decade, and the digital revolution has reshaped our industry.

Mr Kevin Vaz, Chair, FICCI Media and Entertainment Committee and CEO – Broadcast and Entertainment, Viacom 18 said that the road ahead for the industry is brimming with possibilities and challenges alike. The integration of artificial intelligence promises to reshape the landscape of content creation, distribution, and consumption, particularly generative AI, which is now an inexorable part of M&E supply chains, he added. Mr Ashish Kulkarni, Chair, AVGC-XR Committee, FICCI delivered the vote of thanks. FICCI-EY report 'Reinvent' - India’s Media & Entertainment sector Is Innovating For The Future was released during the inaugural session.