GST will be game changer for media, entertainment industry: Naidu

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SME Times News Bureau | 26 Oct, 2016
Minister of Information and Broadcasting M. Venkaiah Naidu on Tuesday said the Goods and Services Tax (GST) will be a game-changer for the media and entertainment industry.

He also said that the media and entertainment industry needed to outline a firm roadmap to ensure the convergence of networks, devices and content, the core elements of the digital entertainment process.

"The Make in India, Skill India and Digital India campaigns are clearly positive signals of the new transformation including GST which is expected to be a game changer for the sector," he said.

"The growth of varied platforms such as 4G, broadband, mobile technologies, digital media has enabled the sector to move towards convergence across platforms and content," Naidu said addressing the 5th edition of the CII Big Picture Summit in New Delhi.

"The Indian media and entertainment industry needs to outline a firm roadmap to ensure the convergence of networks, devices and content, the core elements of the digital entertainment process," he said.

He also called upon the industry to give recommendations for tackling the "acute shortage" of professionals across different segments and assured the government's commitment to work with the industry to develop infrastructure.

He said that there is a huge opportunity to transform India into a global hub for film shooting location and digital media.

"Our films, actors, content, technology are expanding footprint to new and emerging global markets, and the aim of the government is to make this transition smooth by creating an enabling regulatory environment," added Naidu.

Speaking on the occasion TRAI Chairman R.S. Sharma said India was in the midst of a digital revolution which warranted creation of new business models.

"Given the changes and the convergence that this digital revolution is bringing, it is essential that a clear regulatory framework is put in place in order to minimize potential litigation," said Sharma.