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Piracy in entertainment costs huge money, job losses: USIBC chief

Piracy in entertainment costs huge money, job losses: USIBC chief
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First Published: Fri, Mar 28 2008. 04 30 PM IST
Updated: Fri, Mar 28 2008. 04 30 PM IST
Mumbai: The curtains came down on Ficci-Frames 2008 with Ron Sommers, president, US-India Business Council (USIBC), giving a clarion call to all industry stakeholders to combat piracy in the entertainment sector that is siphoning off Rs16, 000 crore a year and resulting in a direct job loss for 820, 000 people.
Addressing the valedictory session of Ficci-Frames, Sommers said: “The way forward was to build public awareness on the need to fight counterfeiting and piracy, advocate against piracy by supporting the passage of the optical disk legislation and fighting the scourge of cross-border piracy.”
The protection of Intellectual Property (IP), he said, was vital not only to protect jobs and boost economic growth but also to enhance global competitiveness and foster innovation.
Yash Chopra, chairman, Ficci Entertainment Committee & Yashraj Films, said Ficci-Frames 2008 was the biggest and the best event so far and hoped the 2009 show would be even bigger in scope and participation.
Speaking on the occasion, chairman of Ficci Convergence Committee and president of Reliance Entertainment Ltd, Amit Khanna said that the Indian economy had reached a point of inflection and this change was being witnessed in the entertainment industry as well.
Sushil Jiwarajka, chairman of Ficci’s Western Region Council, said the event had come to represent a blend of continuity with change, with industry stalwarts and news players putting their best foot forward in pushing the growth of this dynamic industry. With 240 speakers from overseas and participation of delegates from 17 countries, the mega event holds the prospect of becoming even bigger in the years to come, he said.
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First Published: Fri, Mar 28 2008. 04 30 PM IST
More Topics: Piracy | Jobs | USIBC | Ficci-Frames | Ron Sommers |