New Delhi: Indian film industry, which generates more than $11 billion annually, is now luring foreign producers for investment, say experts.
“The rising number of production houses in the country has led to a technological advancement in the field of cinema, which attracted foreign filmmakers to invest, mostly for post production works. These producers find it cheaper to get things done in India, says Bollywood director Anand Kumar.
Many Hollywood movies are now being outsourced to the country for visual effects. The latest being “The Golden Compass”, starring Nicole Kidman and Daniel Craig. Major Hollywood studios like Viacom, NBC, Universal, Dream Works, besides Warner Bros., Sony and Disney have also made investments in India’s entertainment sector, he adds.
Shoaib Mansoor, director of ‘Khuda Ke Liye´, the first Pakistani film released in India almost after four decades, says, “Bollywood is already an established brand and competing with such a big industry would definitely make us better.
“Pakistan is by no means far behind India in terms of talent but when it comes to the technical side, Bollywood is miles ahead. Bollywood movies will bring audiences to cinemas in Pakistan and subsequently people will start investing money in filmmaking,” he says.
According to a Ficci report, Indian entertainment and media industry is poised to grow at an annual rate of 18% by 2011, faster than its counterparts in Brazil, Russia and China.
“The entertainment industry in India is an industry of the future. India’s entertainment industry already generates more than $11 billion annually for the country,” says Ficci secretary general, Amit Mitra.