Notes from India Part 3: Ficci Frames

Another highlight of my trip to India was my visit to the Ficci Frames Festival, held in Mumbai. As a Beverly Hills based entertainment law attorney, I figured it was only appropriate that I attend Asia’s largest convention on the business of entertainment.  I’m glad I did, for it was a great opportunity to see the Indian entertainment industry from the inside. Ficci Frames is a mix of award shows, creative workshops, networking lunches and dinners, business meetings, and educational forums and panel discussions.

It was clear that the Indian government was very invested in the event, as they provided many resources to ensure its success. I think this is great – however, I also think that the Indian government underestimates the potential for growth in the entertainment sector.

Let me explain.

There is huge room for growth in Indian entertainment, particularly due to the growth we’re seeing in the rest of the sectors of India’s economy. The entertainment sector could grow with foreign direct investment, international trade, and domestic employment. Furthermore, the government could also utilize taxes and subsidies to help foster and promote entertainment industry within country. By decreasing taxes on certain entertainment imports or passing new laws, it would be easier to start projects. In the US, projects may be partially subsidized by state taxes, and this is a major financing vehicle for films. The Indian industry is well aware of the benefits of making movies in America; Indian producers come to Hollywood because films are easier to put together here.

Government investment in the Indian entertainment sector has become more important as of late, as we see a shift from large budget pictures to medium sized independent films – which are just as profitable. However, it appears that India hasn’t caught up with Hollywood trend yet. Bollywood has all the right tools for immense success: the private infrastructure and funding, and a growth in independent film.  It’s time for the government to seize the opportunity, and catch up with this trend. 
-Marcus Lee