FICCI FRAMES 2024, 03: AVGC policy to facilitate investments, foster innovation

Realisation of ‘Viksit Bharat’ (Developed India) depends on collective contribution of everyone. ‘Skilling’ is integral to the future of India, said Mangal Prabhat Lodha, Minister, Skill Development and Entrepreneurship, Government of Maharashtra.

He was speaking on the first day of the 3-day annual conclave, FICCI FRAMES, held during March 5-7, 2024. This was the 24^th such summit, which began in 1999, but had a hiatus during Covid.

Sanjay Jaju, Secretary, Ministry of Information and Broadcasting, Government of India, 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 packed audience at the Ballroom of the Westin Hotel, Powai, Jaju stated that the government recognises 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 Jaju.

Speaking on the various government initiatives, along with the AVGC policy, Jaju further emphasised 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 our 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 a National Centre of Excellence for animation, VFX, and extended reality sector, along with setting up incubation centers,” he added.

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 capitalise on the huge opportunities,” he noted.

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. Rani’s father-in-law, the late Yash Chopra, founder of YashRaj Films (YRF), was a pillar of FRAMES for several years.

Anant Goenka, Vice President, FICCI and Vice Chairman, RPG Group, which owns the music and film production company, Saregama, 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.

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 (Animation, Visual Effects, Gaming and Comics)-XR Committee, FICCI, delivered the vote of thanks.