The country’s ever-growing film and television industry has helped the economy by creating almost 1.8mn jobs and adding $6.2bn (Rs. 28,000 crore), says a report released by PricewaterhouseCoopers. The report titled ‘Economic Contribution of the Indian Film and Television Industry’ pegs the industry’s total gross output at $20.4bn (Rs 92,000 crore). This is more than the contribution of advertising industry.
The study was commissioned by the Motion Picture Distributors Association (India), which is the representative of MPA in India. It was aimed to measure the direct, indirect and induced economic impacts produced by the industry and to calculate the industry’s total economic contribution.
“This report demonstrates the importance of the film and television sector to the overall growth and vitality of the Indian economy,” said Motion Picture Association of America chairman Dan Glickman, while publishing the report at the Asia Society Conference in New Delhi.
The industry is expected to grow at the rate of 11% in the next five years. This would take the industry to a size of almost $13bn.
However, Glickman cautioned that this growth can be destabilized by copyright theft, which in turn would affect the level of investment available for new films and the ability of the industry to create new jobs.
Motion Picture Dist. Association (India) managing director Rajiv Dalal added, “While the film industry has come together to fight intellectual property theft, the industry also needs the Indian government to pass legislation such as anti-camcorder restrictions that would allow for effective copyright enforcement.”
The report estimates the drain due to piracy to the industry at $959mn and 571,000 jobs. The government should indeed wake up and frame policies to bring the menace down.
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Film industry, as I think is one of the biggest employer in India. Not only Bollywood, other regional industries are also going great guns.