Media & Entertainment Is Growing At CAGR Of 13%

Atul Kumar Tiwari: Role of skilling, education in media and entertainment sector critical in realizing vision of Viksit Bharat: Secretary, Skill Development & Entrepreneurship, GoI

Subhash Ghai, Renowned Filmmaker highlighted that we are currently relying on memory-based education rather than skill-based education

Atul Kumar Tiwari, Secretary, Ministry of Skill Development & Entrepreneurship Spoke at FICCI FRAMES 2024 in Mumbai

FinTech BizNews Service   

Mumbai, March 8, 2024: Mr Atul Kumar Tiwari, Secretary, Ministry of Skill Development & Entrepreneurship, Govt of India today said that the Indian media and entertainment sector is growing rapidly and there is immense potential for skilling in this sector. This sector has been growing with a CAGR of over 13 per cent in the last few years and employed 30 lakh people directly and 55 lakh indirectly. Skilling combined with education and scaling can help India achieve the vision of Viksit Bharat 2047, there by supporting the GDP as well as establishing the prowess in India’s soft power, he added.

Addressing the session on ‘LEAPing into the Future’, at FICCI FRAMES 2024, Mr Tiwari said that in order for India to prosper, there is a need for creating a mass awareness about skilling. The New Education Policy (NEP) along with all government policies focuses on skilling.  All sectors of the economy are recognizing that skilling is going to be a game-changer for India. With our country's demographic advantage, having the youngest and the world's largest number of working-age individuals, skilling will lead to a significant enhancement in productivity and employment. We have the youngest population in the world, largest number of working population and skilling them will lead to a great deal of enhancement in productivity and employment along with competitiveness, he noted.

Mr Tiwari also emphasized spreading awareness on ‘LEAP – Leveraging Education to Accelerate Progress’, which is the need of the hour. That nothing is more creative than making a film. The government, he said, is working to identify and bridge the skilling gap through policy initiatives along with industry and academia collaboration. “There is a need for us to identify the opportunities and create awareness among people, especially in tier 2,3 cities to attract more talent,” he emphasized.

He further stated that the M&E sector has experienced a remarkable transformation with the advent of the internet, revolutionizing entertainment consumption. The dynamics of content creation have shifted, leading to a buzzing M&E landscape that not only entertains but also promotes and preserves cultural heritage, added Mr Tiwari.

He also stated that the Indian media and entertainment sector not only provides support to nation’s GDP but also promotes tourism, increase in cultural exchanges and strengthens India’s soft power.

Mr Subhash Ghai, Renowned Filmmaker & Founder and Chairman, Whistling Woods International (WWI) highlighted the role of education and skilling in media and entertainment sector. He added that we are currently relying on memory-based education rather than skill-based education. It is crucial to develop skill-based education in the country, noted Mr Ghai.

Mr SK Pathak, Secretary General, FICCI said, “In the 25th edition of FICCI FRAMES in 2025, we will identify the transformational changes required in the media and entertainment industry, focusing on the initiatives needed for India in 2030.”

Mr Ashish Kulkarni, Chair, FICCI AVGC-XR Forum and Founder, Punnaryug delivered the vote of thanks.

Ms Hande Ercel, Turkish Actress was also present during the inaugural session.

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