Piracy in India’s entertainment industry causes huge losses to economy

Piracy in India’s entertainment industry causes huge losses to economy
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First Published: Mon, Mar 31 2008. 12 19 PM IST
Updated: Mon, Mar 31 2008. 12 19 PM IST
New Delhi: The US-India Business Council (USIBC) has released a new study showing huge job and revenue losses to the Indian economy as a result of piracy in India’s burgeoning entertainment industry. The study--”The Effects of Counterfeiting and Piracy on India’s Entertainment Industry’--prepared for USIBC by Ernst & Young India, shows as much as Rs16,000 crores are lost each year due to piracy. As many as 800,000 direct jobs are also lost as a result of theft and piracy, afflicting India’s entertainment industry.
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Industry officials in both the US and India hope to use the report’s findings to bring about stricter legislations and tougher policies concerning piracy.
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First Published: Mon, Mar 31 2008. 12 19 PM IST