Bollywood to touch Rs 23,800 crore revenues by 2020

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Virendra Singh Rawat
Lucknow, 8 October

Indian film industry is touted to become Rs 23,800 crore (3.7 billion US dollars) industry by 2020 clocking a growth of almost 11.5%.

Over the last few years, the film industry had been posting compounded annual growth rate (CAGR) of 10%.

This prognosis has been made jointly by the PHD Chamber of Commerce and Industry (PHDCCI) and its Knowledge partner BnB Nation. Their report was released recently in Mumbai at ‘PHD Chamber Global Film Tourism Conclave: Promoting Destinations through Films’.

On the occasion, Boney Kapoor stressed upon creating a single window system to get film related permissions, while Mukesh Bhatt, who has canned over 64 Bollywood films on international locations, revealed that shooting in Indian location was a cumbersome task.

Ambassadors of Romania and Slovak Republic Radu Dobre and Zigmund Bertok respectively, apart from tourism boards of Delhi, Himachal Pradesh, Gujarat and Punjab gave their presentations over their respective incentive schemes for shooting films.

“The objective of the conclave was to promote film tourism and highlighting tourism destinations across India and abroad for filmmaking,” PHDCCI Tourism Committee head Mukesh Gupta said. PHDCCI senior vice president Anil Khaitan observed films were a great source of showcasing a country’s culture, heritage and vast economic potentials.

According to the report, filmmakers faced multiple challenges on regulatory fronts, for example about 70 approvals and licenses from almost 30 authorities were required for shooting films in India.

Delay in approvals often results in the filmmaker going to other destinations and India had lost about 18 big budget movies to other locations in the last 4 years. After the success of India based movies such as Slumdog Millionaire, several international studios are increasingly considering shooting a large portion of their films in India.

Indian film industry is the world’s largest in terms of number of films produced with around 1,500 to 2,000 films produced every year in more than 20 languages. The industry had clocked the second highest footfalls in the world in 2015 (over 2.1 billion) following China (almost 2.2 billion).

However, the Indian film industry is still small with respect to its global peers in terms of revenue. The gross realisation of Indian films is 2.1 billion dollars versus gross realisation in USA and Canada is 11 billion, although they produced only 700 films as opposed to over 1,500 films produced in India.

EOM

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