As the date for Budget 2024 approaches, Arjun and Kartk, the co-founders of renowned production house GSEAMS, express their high hopes for supportive policies that could propel India’s Media and Entertainment (M&E) industry to new heights. They believe that with the right incentives and infrastructure, India’s entertainment sector has the potential to become a global soft power.
The Ernst & Young report predicts a robust growth for India’s M&E sector, with a projected Compound Annual Growth Rate (CAGR) of 13% to reach INR 2.3 trillion by 2024. Additionally, the recent increase in filming incentives for international productions from 30% to 40% demonstrates the government’s commitment to fostering growth in the industry.
Arjun and Kartk emphasize the importance of production-linked incentives (PLI) for the domestic entertainment sector to further stimulate growth. They believe that such incentives can significantly reduce production costs, making the industry more competitive on a global scale.
Furthermore, they highlight the need for supportive infrastructure and investments in research and development (R&D) to facilitate the creation of world-class content. By nurturing cutting-edge innovations in film technology, the industry can attract larger investments and cultivate the next generation of filmmakers.
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Arjun and Kartk also discuss the potential of technical tools like Gen AI in streamlining creative workflows and fostering innovation in content creation. However, they acknowledge the evolving challenges related to business models, privacy, intellectual property rights, and ethical considerations associated with the increased adoption of AI. Therefore, they advocate for the implementation of regulatory policies to address these concerns and ensure responsible use of AI in the industry.
In conclusion, Arjun and Kartk remain optimistic about the transformative impact Budget 2024 could have on India’s entertainment sector. They urge policymakers to consider the industry’s potential as a global soft power and to implement supportive measures that will drive its growth and competitiveness on the world stage.