Indian films in overseas market likely to generate Rs 850 crore

New Delhi, Aug 29 (UNI) The overseas market for Indian films, currently estimated to be worth Rs 700 crore, is expected to grow at a Compound Annual Growth Rate (CAGR) of 18 per cent to register a figure of Rs 850 crore during the current year.

In a written reply in the Rajya Sabha, Information and Broadcasting Minister P R Dasmunsi said as per the PriceWaterhouse Coopers report of a survey conducted this year for FICCI, the overseas market for Indian films is likely to grow at a CAGR of 18 per cent during the current year.

Mr Dasmunsi said the growing Indian diaspora had created a market for Indian films overseas, which continued to grow at a rapid rate.

In accordance with the feedback received from representatives of the film industry, markets for Indian films are growing steadily in North Europe, Germany, France and Japan.

The minister said China was another country where there was a huge untapped market. Latin America is also considered a new market for Indian films.

Recemtly, maninstream cable companies in the US had started a ''Video on Demand'' for Indian films, he informed the House.

Mr Dasmunsi said recognising the potential of export of Indian films, the government had taken a number of initiatives to encourage promotion of the film industry.

''A core Group on 'Export of Indian Films and Related Issues' has submitted its recommendations and action is being taken,'' he said.

Further, in order to ensure all-round development of the film industry, five core groups, comprising representatives of the industry, have been constituted to suggest measures for giving an impetus to it.

Mr Dasmunsi said efforts were also being made to ensure constitution of Export Promotion Forum/Council by the film industry, which could seek support from the Centre for development of export markets.

Another measure to promote Indian films, he said, is the Central Government's scheme 'Participation in Foreign Film Festival/Markets', which encourages Indian companies and producers to participate in global film festivals and markets like Cannes, American Film Market and MIPCOM.

Also, audio-visual co-production agreements have been signed with Italy, Britain, Brazil and Germany while similar proposals with other countries are being explored to expand revenues and markets to the Indian film industry.

UNI