MUMBAI: ASSOCHAM’s (The Associated Chambers of Commerce and Industry of India) blueprint for attracting investment into the Entertainment Sector, was unveiled by ASSOCHAM president and Piramal Life Sciences vice chairperson and Piramal Healthcare director Dr. Swati Piramal.
Also present during the event were ASSOCHAM National Committee on Films & Animation chairperson Juhi Chawla Mehta, Media & Financial domain Strategic Legal & Tax Nishith Desai, ASSOCHAM National Committee on Entertainment co-chairperson advocate Sujata Dev and ASSOCHAM secretary general D. S. Rawat.
ASSOCHAM has prepared the blueprint with a call for a National Media Policy, akin to the National Telecom Policy to create an active entertainment sector in India. ASSOCHAM has also recommended the promotion of Limited Liability Partnerships (LLP) & Foreign Venture Capital Investments (FVCI) to bolster foreign investment in the Indian Media & Entertainment sector.
Dr. Piramal said, "The entertainment and media industry is set for a quantum growth: new regulatory systems such as limited liability partnership in this sector will pave the way for global investment for growth in this sector. Convergence of media and telecom is also a big growth opportunity."
Commemorating the ongoing Copenhagen Climate Change Summit, Dr. Piramal also unveiled ASSOCHAM’s Official Mascot for the year 2009 – 10 Gro – a penguin with a renewed call to stop global warming, combat climate change, protect our environment, conserve water and save the Earth.
Chawla said, "Whilst the government has announced that foreign investment in this sector is further permitted, the approval process is multi-tiered and cumbersome and does sometimes take inordinate amount of time. My appeal to the government is to streamline and to prepare an outline for this important sector and expedite the approval processes."