The 24th edition of FICCI Frames began in Mumbai on 5th of March and is scheduled to run till 7th of March. The inaugural session was attended by the Minister for Skills Development and Entrepreneurship, Government of Maharashtra, Shri Mangal Prabhat Lodha and Secretary, Ministry of Information and Broadcasting, Shri Sanjay Jaju, along with Actor Ms. Rani Mukherjee, FICCI Vice President Shri Anant Goenka, FICCI Chair of Media & Entertainment (M&E) Committee Shri Kevin Vaz and FICCI Chair for AVGC Shri Ashish Kulkarni amongst the dignitaries.
Welcoming all participants of the conference on behalf of the Government of Maharashtra, Shri Mangal Mangal Prabhat Lodha said, skilling and re-skilling will gain utmost importance in the coming days for a youthful nation like India and urged for industry support in the skill sector. Realization of Honourable PM’s dream of a ‘Viksit Bharat’ depends on collective contribution of everyone, he added.
Delivering the special address on the occasion, the Secretary, Ministry of I & B, Shri Sanjay Jaju stated that GoI has recognized the pivotal role M&E segment plays in shaping our society, influencing our perspectives, and reflecting our collective efforts. This industry is renowned for its creativity, innovation, cultural richness, and it serves as a beacon for not only our nation, but also for the world. This sector resonates deeply with the diverse tapestry of the Indian life and it transcends boundary and fosters unity amongst diversity for a country as diverse as ours, I & B Secretary further stated.
I&B Secretary Shri Sanjay Jaju further said, M&E is a unique segment having growth and employment intensity embedded in it, and at the same time it is a sunrise sector from the point of view of disruptions happening in the sector. This sector plays an important role as a multiplier for our economy, he added.
M&E sector witnessing rapid shifts with the availability of online media content
I&B Secretary said, India is currently going through a phase of digital transformation, M&E sector is also witnessing rapid shifts which is happening with the availability of online media content. Accessibility of content over the internet has come with the availability of fairly affordable smartphones and data across every nook and corner of the country. Speaking about digital infrastructure, he informed that India has 90 crore internet users, 60 crore+ smartphones and 4 crore+ connected TVs.
M&E sector a chief contributor to India’s soft power
The size of India’s M&E segment is estimated to be near 2 lakh crore, as per FICCI-Ernst & Young report of last year. Stating this, I&B Secretary also informed that digital media segment is witnessing “huge” growth of 30 percent year-on-year. The real shift has come in with the growth of OTT segment. We have close to 60 OTT platforms in the country, many of which are in regional languages. The OTT segment is currently valued at Rs 10 thousand crores in India. This segment is also drawing foreign investments because of growth of content in our country. Lots of countries are becoming top international market for India’s OTT content, stated the I& B Secretary. “All these data paves way for looking at M&E sector as a chief contributor to India’s soft power and India’s ascendance among comity of nations”, stated the I& B Secretary.
