Indian entertainment industry to grow over 16 percent a year

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Mumbai, March 25 (IANS) Indian entertainment and media (E&M) industry is poised to grow at an annual rate of 16.7 percent by 2011, faster than its counterparts in Brazil, Russia and China, according to a report.

In the other BRIC (Brazil, Russia, China, India) countries, the E&M industry is expected to grow at an annual rate of 13 percent in China, 8.3 percent in Russia and 7.7 percent in Brazil, said the report by Federation of Indian Chambers of Commerce and Industry of India (Ficci) and PricewaterhouseCoopers (PWC) released here Tuesday at Ficci-Frames 2008.

Ficci-Frames 2008 is a global annual forum on the business aspects of the entertainment and media industry.

One of Asia's biggest forums on entertainment industry, about 2,000 Indian and 500 foreign delegates are participating in this forum, which started Tuesday and is on till Thursday at Mumbai's Renaissance Hotel.

"For the BRIC countries as a group, growth will average 9.3 percent compounded annually," the report said. "That expansion will be nearly twice the 4.9 percent projected annual GDP (gross domestic product) increase in the rest of the world."

Despite the impressive growth rate, the size of the Indian E&M industry would be the smallest among BRIC countries at $27,089 million within the next three years, the report said. The industry size would be $169,309 million in China, $27,851 million in Russia and $27,256 million in Brazil.

BRIC will account for 24 percent of global E&M growth during the next five years, the report said.

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