Film industry to touch Rs 15,300 cr by 2010

New Delhi, July 9 (UNI) The Indian film industry, which today stands at Rs 6,800 crore, is expected to grow to Rs 15,300 crore by 2010 with a compound annual growth rate of 18 per cent, a study has said.

The industry has, for the last five years, witnessed marked improvement in all spheres-- from the technology used in making films, to themes of movies, exhibition, finance, marketing and even in its business environment.

It is increasingly getting more corporatised. Several film production, distribution and exhibition companies are coming out with public issues. More theatres across the country are getting upgraded to multiplexes. And initiatives to set up more digital cinema halls in the country are already underway.

This will not only improve the quality of prints and thereby make film viewing a more pleasurable experience, but also reduce piracy of prints, a study by industry chamber FICCI said.

In a note to the Planning Commisssion and the government on the media and entertainment industry for the 11th Five Year Plan, it has suggested introduction of uniform entertainment tax across all states to stop reportage of short box office collections resulting in a loss to the exchequer.

At a time when India is trying to position itself as a hub for production of entertainment and competing in the International market on an equal footing, the necessary infrastructure and equipment is of vital importance.

To provide impetus to the technological upgradation of facilities and infrastructure the necessary equipment and hardware must be allowed to be imported without the additional burden of customs duty, the study felt.

There is a need to reintroduce the tax concession allowing multiplexes commissioning before March 31,2005, to the extent of 50 per cent on book profits and allocate funds to handle piracy.

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