Indian entertainment industry loses USD 4 billion every year

Mumbai, Feb 26 (UNI) Counterfeiting and piracy costs the Indian entertainment industry to the tune of over USD four billion and also results in the loss of about eight lakh jobs annually, according to the findings of a report, which is to be released shortly.

''Piracy of every film or music CD means lesser money to support the Indian artists who created them. US-India Business Council's soon to be released Bollywood-Hollywood report measures the impact of counterfeiting and piracy on the country's entertainment industry.

The conclusions are striking,'' Michael S Owen, US Consul General said here today, while quoting the key findings of the report.

''The remedy is obvious, increased enforcement actions with meaningful deterrent penalties and swift justice,'' he added.

He was speaking at the inaugural session of the second annual Global Forum on Innovation, Creativity and Intellectual property, which was hosted by the USIBC, CII and the Department of Industrial Policy and Promotion of the central government, here today.

Stating that recently the US Chamber of Commerce has launched the Global Intellectual Property Centre, he expressed hope that the centre would help to prove and aggressively communicate the value of intellectual property protection.

''In India, the government has come to realise that helping the country to have a strong system of intellectual property protection is one of the best steps it can take for the betterment of its economy and the countrymen,'' he added.

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