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Watch: ‘Everybody said this is disaster’, Madhavan hails PM Modi's push for digital economy at Cannes

Union Minister for Information & Broadcasting, Youth Affairs and Sports Anurag Singh Thakur with the largest ever Indian official delegation including actor R Madhavan, CBFC members Prasoon Joshi and Vani T Tikoo at the Red Carpet of Cannes Film Festival, in France. (ANI/ANI pic service)Premium
Union Minister for Information & Broadcasting, Youth Affairs and Sports Anurag Singh Thakur with the largest ever Indian official delegation including actor R Madhavan, CBFC members Prasoon Joshi and Vani T Tikoo at the Red Carpet of Cannes Film Festival, in France. (ANI/ANI pic service)

  • India became one of the largest users of micro economy in the world, Bollywood actor Madhavan said at Cannes 

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Bollywood actor Madhavan said that Prime Minister Narendra Modi's digital economy created a furore around the world and the economic community thought it was going to be a disaster. But said that it was a success in the country as more farmers were able to make use of it despite not having education.

The Information and Broadcasting Minister Anurah Thakur shared a snippet of Madhavan's response on Twitter, tweeting, “when our PM @narendramodi introduced a micro economy & digital currency there was a furore…it is going to be a disaster. In a couple of years the whole story changed & India became one of the largest users of micro economy in the world. This is #NewIndia."

"When the Prime Minister of India, when he started his term, he introduced microeconomy and digital currency. There was a furore around the world, among the economic community which said, 'This is not going to work. This is a disaster' because how are you going to get the farmers and the people who are uneducated in the small villages to handle a small phone or a smartphone and handle the accounting," the actor said.

Microeconomy was considered going to be a big disaster in India, Madhavan said. "In a couple of years that whole story changed and India became one of the largest users of microeconomy in the world and you know why it happened. It's because the farmers did not need to be educated to use a phone to know if they have got their money, who the money they have sent to... That is new India," the actor added.

Meanwhile, India's OTT market is set to grow at 21% every year, Information and Broadcasting Minister Anurag Thakur said on Thursday even as he invited foreign producers to shoot films in the country.

Speaking at the "India Forum" in Cannes, Thakur said the government will take all measures to speed up co-production from around the world and also offer the best locations in India for film shoots.

"We are poised to take another leap as 300 million (30 crore) citizens are set to connect online as India marches ahead in cementing its space in the media and entertainment sector," the minister was quoted as saying in a press release.

Thakur said Indian startups in the media and entertainment sector will showcase their technological prowess and pitch to the best in the animation, visual effects, gaming and comics (AVGC) industry.

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