Govt backs film industry to tap overseas market


    MUMBAI: The Indian film industry has been garnering more and more attention in the international market over the last couple of years. Keeping in mind the growing Indian diaspora around the world that has created a market for Indian films overseas, the Government of India has taken several steps to encourage promotion of Indian films in these markets. 
    They are as follows: 
    (i) Its Plan Scheme ‘Participation in foreign Film Festival/Markets,’ encourages Indian companies and producers to participate in global film festivals and markets. Further, in order to promote cinema, Government of India is spreading awareness and to enhance the visibility of our film industry by organizing India pavilion in a number of film markets, screening of Indian films in different International film festivals. Indian film festivals are also organised in different countries regularly. 
    (ii) Audio-visual co-production agreements have been signed with Republic of Italy, United Kingdom, Brazil and Germany and similar proposals with other countries are being explored to expand revenues of finances and markets to the Indian film industry. 
    (iii) Five Core Groups, comprising the representatives of the film industry, have been constituted to submit its suggestions on measures to promote the film industry. A Core Group on ‘Export of Films and Related Issues’ has submitted its recommendations and action is being taken. 
    (iv) Efforts are being made to ensure constitution of Export Promotion Forum/Council by the film industry. Such Forum, as and when constituted, could seek financial support from the Government of India for development of export markets and participation therein. 
    As per the latest PriceWaterhouseCoopers report conducted by FICCI, the overseas market is estimated to be worth Rs 7 billion (Rs 700 crores) in 2006 and is expected to grow at a CAGR (compound annual growth rate) of 18 per cent. It is expected to reach Rs 8.50 million (Rs 850 crores) during 2007. 
    In accordance with the feedback received from representatives of Indian film industry, markets for Indian film are growing steadily in North Europe, Germany, France and Japan. In China too, there is a huge untapped film market. Recently, mainstream cable companies in the United States have started Video on Demand service for Indian films. Latin America is also considered as a new market for Indian films.