PHD Chamber forecast 11.5% growth in film industry by 2020
The PHD Chamber of Commerce and Industry has projected that the film industry is expected to grow at 11.5% year-on-year, reaching a total gross total of 240 billion ($3.7 billion) by 2020.
The forecast has been predicted jointly by the PHD Chamber and its Knowledge partner BnB Nation which was released in Mumbai at the PHD Chamber Global Film Tourism Conclave: ‘Promoting Destinations through Films’ under the aegis of PHD Chamber.
Minister of Minority Affairs Mukhtar Abbas Naqvi was the chief guest. The session also witnessed Jaykumar Jitendrasinh Rawal, Tourism Minister Government of Maharashtra who spoke at length about the initiatives by the Maharashtra Government promoting state tourism. Besides, veterans of the Indian film industry Mukesh Bhatt, Boney Kapoor, N. Chandra and Kunal Kapoor were among others present at the occasion.
The session revealed how the growth of the industry could further improve if its regulations are minimised.
PHDCCI Chairman of Tourism Committee, Mukesh Gupta said, “The objective of organizing this conclave was to promote Film Tourism, highlighting the tourism destinations across India and abroad to encourage Indian as well as Foreign Filmmakers to shoot films there. As per a survey, Indians top the tourism charts for the number of tourists visiting the famous locations abroad.”
PHDCCI Senior Vice President, Anil Khaitan said that films are a great source of showcasing any country’s culture, heritage and vast economic potentials. The prior motive in holding this initiative was to promote and create awareness about the untapped potential of Film Tourism in India and make India as a preferred destination for Film tourism-national and internally.
Currently, India is gaining the grip as a film shooting destination. After the success of India based movies such as ‘Slumdog Millionaire’ and ‘Dangal’, several international studios are increasingly considering shooting a large portion of their films in India. India has been used as a film shooting site for various Hollywood movies.
According to the report, the film industry faces multiple challenges on regulatory fronts such as about 70 approvals and licenses from as many as 30 authorities for shooting films in India.
Elaborating on regulations, the report indicated that Central clearances, shooting of foreign feature films in India require the prior approval of the Ministry of Information and Broadcasting (MIB) whereas, in case of a documentary, approval of the Ministry of External Affairs (MEA) is required. The script of the film has to be approved by the MIB, which is a time-consuming process; the Ministry may also depute a liaison officer to facilitate the shooting. Filmmakers require approvals from authorities in specific locations prior to shooting.
The report recommends the introduction of Soft Loans. The government should replicate the foreign countries’ film tourism incentives in India. It should provide filmmakers with a short-term loan without charging interest to meet their short-term needs. This would encourage producers to shoot in that particular location and would catalyse the growth of the industry and the government should also ensure safety and security while shooting in locations.
It concludes stating that states should undertake various initiatives like setting up surveillance cameras, tourist police, 24×7 helplines, and compulsory registration of tourist guides operators, etc. to ensure the safety of the tourists as well as the film crew. These initiatives may be highlighted by the states/Central Government in various promotional campaigns to project India as a safe and secure tourist destination
Historically, the film industry in India has grown at a CAGR of over 10% in the past and going by present prevailing circumstances, if all goes well easing the film regulation will serve as a catalyst to further promote film tourism in India.