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Union Minister of Information and Broadcasting, Ashwini Vaishnaw, on Saturday said the government will focus on steps to strengthen the ecosystem for protection of IP rights and creation of employment opportunities in the media and entertainment sector. The focus will also be on exploring ways to ensure that low-cost funds are accessible to players in the sector, taking learnings from the venture capital model.
He was speaking at the curtain-raiser of the World Audio Visual and Entertainment Summit (WAVES) that will be held in Goa from November 20-24.
“The media and entertainment (M&E) world is undergoing a structural change and has seen wave after wave of change due to technological advancement. This has, on the one hand, opened many opportunities, but on the other, has also raised concerns among players who have been unable to keep up with the change. The role of public policy today is to enable harnessing the best structural changes, and the Government is committed to supporting the media and entertainment ecosystem in coping with this change,” he said.
The Centre will focus on helping the industry create employment opportunities and augment the talent pool. “The structural efforts will be aimed at developing an ecosystem where high-quality content can be created so that India emerges as a centre for global content creation teams, just as it’s seen as a hub for setting up Global Capability Centres,” Vaishnaw added.
“IP rights hold value in the media and entertainment sector. We will be strengthening the ecosystem for protecting IP rights. We will also make sure that India’s rich culture and heritage is manifested in the media and entertainment industry and ... IP rights of those are also protected,” he said.
Vaishnaw also said the government will look at ways to ensure the sector gets access to low-cost funds, taking learnings from the venture capital model. He added that this endeavour will require close coordination between the M&E industry, the financial sector and the world of technology.
The I&B Ministry in a statement said the WAVES summit aims to be a premier forum, fostering dialogue, trade collaboration and innovation within the evolving M&E industry landscape. The summit will convene industry leaders, stakeholders, and innovators to explore opportunities, tackle challenges, attract trade to India, and shape the sector’s future.
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