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Uday Shankar, Chairman, FICCI Media & Entertainment Committee and CEO of Star India, pointed out that “amidst an environment of gloom and doom, the media and entertainment (M&E) industry registered an impressive growth of 12 per cent last year. The fact that we have been able to deliver this in light of an overall economic growth of 4 per cent and a major resetting of exchange rates is a testament to the tenacity of the industry’s leaders and stakeholders.”
The Indian media & entertainment industry grew 11.8% last year over 2012, touching Rs 91,800 crore on the back of digitisation growth in regional media, according to a KPMG report released at 15th Ficci Frames global convention on Wednesday.
Uday Shankar, Ficci Frames chairman and STAR India chief executive, said while the growth was encouraging when compared with the growth of the economy, many gaps existed. “While delivering a growth rate three times that of the country at large is a cause for satisfaction, the truth is that in dollar terms, we have barely made a dent this year. And, even more important we remain at a great distance from the goal of growing the sector to $100 billion,” he said.