Film, TV Industries Contributed $8.1 Billion to Indian Economy in 2013
The Indian film and television industries contributed $8.1 billion (50 billion rupees) to the country's economy, representing 0.5 percent of the country's GDP in 2013, according to a report from financial services firm Deloitte and the Indian office of the Motion Picture Association (MPA).
Hollywood and international films generated net box office revenues of $77 million in 2013 -- Indian films hit $1.23 billion -- reflecting a niche 8 percent market share. Within Indian film revenues, Hindi cinema dominated the box office, grossing $565 million with the cumulative total of all other regional-language films, pulling in $665 million.
PHOTOS: Bollywood 2013 in Pictures
The report was released Wednesday at the ongoing FICCI FRAMES conference in Mumbai, which concludes Friday.
The number of foreign films dubbed into regional languages has doubled over the last five years. Coupled with the increasing number of multiplexes, foreign films have expanded their market share here from 5 percent to 8 percent from a few years ago, states the report.
"This is an important report that recognizes the contribution of our thriving film and TV industry to the Indian economy. Creating a business environment with a unified tax structure will help infuse growth in this sector, which is currently affected by an array of taxes levied at every stage of film production, distribution and exhibition," said FTPGI president Mukesh Bhatt.
"The industry has come together in recent years to identify and find solutions to the key challenges that have prevented the industry from achieving its full potential," added MPA Asia Pacific svp, deputy MD and regional policy officer Frank Rittman. "These include rampant piracy, a burdensome taxation regime and an overly bureaucratic system for getting productions made and distributed. Government has a key leadership role to play in shaping the future of the film and television industry, particularly in regard to providing robust copyright legislation and support for the Single Window Clearance initiative supported by the local screen community."
The report adds that film and TV employ 1.8 million people in India.