MUMBAI: The Associated Chambers of Commerce and Industry of India (Assocham) unveiled the blueprint for attracting investment in the Indian entertainment sector along with providing some regulatory measures for the problems facing the industry in Mumbai on Thursday.
Focus 2009, the 3rd Global Submit Entertainment and Media saw the presence of Assocham president Dr.Swati Piramal, Assocham National Committee on Films and Animation chairperson Juhi Chawla along with Strategic legal and tax advocate in Media and financial domain Nishith Desai.
The final conference which is scheduled on 17-18 December in Delhi will suggest measures to create better environment for the media and entertainment (M&E) industry to flourish globally. The Indian M&E industry currently ranks at 15th position worldwide and accounts only one per cent of the world’s M&E revenues. The reasons attributed for such low earned revenues are low average price per user, low ad spend and low media penetration apart from others
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The Assocham board has mooted relaxing the rules and laws for foreign investment in the media nd entertainment sector in the country. Companies should be allowed to have a foreign investments. Foreign Direct Investment (FDIs) in Limited Liability Partnership (LLP) should be permitted and amendments be made in the current media acts and rules for exceeding investments, it adds
As for the regulatory measures governing the radio and music industry, the board has proposed rationalisation of the rates of royalty which at present are are being washed away by societies such as the Indian Performing Right Society limited as well as Phonographic Performance Ltd, says the board. It also proposes to confer upon the Copyright board the power to grant interim relief while solving a dispute. It also puts forward measures to ensure more regular and frequent meetings of the board in order to deal with the pending cases and disputes more efficiently
The Industry body also addressed the issue of piracy which is rampant in India. It is imperitive to control piracy The board recommended more concerted efforts to spread awareness on the subject of intellectual property rights (IPRs), from the government and even media and industry bodies so that the aggrieved party can take adequate measures. It also talks about educating police and customs officials on IPRs for better enforcement of the mechanism.
