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.
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.