U.S., India biz to reach $1.5 bil per year

Glover, Lewis honored at awards ceremony

NEW DELHI -- Co-productions and other forms of cooperation between the U.S. and Indian entertainment industries should increase to $1.5 billion per year for the next three years according to industry body U.S.-India Business Council.

Without giving figures of the current level of dealflow between the two countries, the USIBC also cautioned that “both countries face serious tax and regulatory barriers to enable full U.S.-India cooperation,” it said Wednesday at the ongoing Frames conference in Mumbai,

The USIBC also announced the launch of a new study that will capture what counterfeiting and piracy mean for an Indian filmmaker. “One Filmmaker’s Story: A Real-life Look at Counterfeiting and Piracy in India’s Entertainment Industry” will be used in a public information campaign against piracy that will unfurl in the coming months.

Last year the USIBC released an Ernst and Young study showing that the Indian media and entertainment industry suffers 820,000 lost jobs and $4 billion in lost revenue each year to piracy and counterfeiting.

Meanwhile, leading Bollywood icons were honored Tuesday night with the first Federation of Indian Chambers of Commerce and Industry-International Indian Film Academy Awards for “Most Powerful Entertainers of the Decade.” Frames is organized by industry body FICCI.

FICCI-IIFA Awards were given to Bollywood icon Amitabh Bachchan and leading stars such as Shah Rukh Khan, Aamir Khan and Akshay Kumar alongwith actresses Aishwarya Rai, Kareena Kapoor, Priyanka Chopra and Preity Zinta, among others at a ceremony which also marked the tenth anniversary of FICCI Frames and IIFA, which organizes the annual IIFA Awards hosted outside India.

The FICCI-USIBC Award was given to actor Danny Glover and U.S. congressman John Lewis, who are part of the U.S. delegation at Frames.