India’s Media & Entertainment Sector Sees Tenfold Growth Over 25 Years
During a fireside chat at the 25th edition of FICCI Frames, Maharashtra Chief Minister Shri Devendra Fadnavis announced an ambitious plan to transform Mumbai’s Film City in Goregaon into a world-class film ecosystem over the next four years. Speaking with renowned actor and producer Padma Shri Akshay Kumar, the Chief Minister acknowledged that the project had remained unexecuted during his previous tenure (2014–2019) despite extensive planning. “This time I have decided that we will convert Film City into a world-class film ecosystem,” he said, adding that redevelopment would begin within a year.
FICCI Frames
The announcement highlights India’s creative economy, which has grown exponentially over the past quarter century. Sanjay Jaju, Secretary, Union Ministry of Information and Broadcasting, noted that the media and entertainment sector expanded from ₹25,000 crore in 2000 to around ₹2.5 lakh crore today, reflecting the industry’s global competitiveness.
Bollywood star and FICCI Frames ambassador Ayushmann Khurrana emphasized the role of the platform in uniting creative professionals and shaping Indian entertainment. “Indian stories and talents are bringing us global recognition, with FICCI at the forefront acting as a catalyst for change. We have more than a billion stories to tell, and today is our time,” he said.
The redevelopment of Film City will feature state-of-the-art studios equipped for virtual production, artificial intelligence, and advanced visual effects. The site already houses the Indian Institute of Creative Technology, a unique industry-government partnership with 52% ownership by industry bodies such as FICCI, and the remainder by the governments of Maharashtra and India.
Mr. Jaju outlined the government’s broader vision, noting that digital media is growing at twice the rate of India’s GDP, while animation, visual effects, gaming, and extended reality segments are expanding at 30% annually. Indian content now reaches over 200 countries via streaming platforms including Netflix, Amazon Prime, and JioStar. He also highlighted challenges such as piracy, misinformation, and the need for fair revenue distribution to creators, stressing that growth must be coupled with responsibility.
Mr. Anant Goenka, Senior Vice President, FICCI, described the Indian Institute of Creative Technology as a milestone for industry-led innovation, workforce skilling, and research, while supporting states in framing policies for animation, VFX, gaming, and extended reality.
FICCI Frames, celebrating its silver jubilee, has mirrored the journey of India’s media and entertainment sector since it received formal industry status in 2001. According to Mr. Kevin Vaz, Chairman of FICCI’s Media and Entertainment Committee, the platform has been pivotal in driving collaboration between government, industry, and academia, ensuring India’s M&E sector remains a global creative force.
The event also featured Media Masterminds: Keynotes by Industry Stalwarts, bringing together leaders such as Mr Aroon Purie (India Today Group), Mr Anil Kumar Lahoti (TRAI), Ms Sandhya Devanathan (Meta), and Mr Sam Balsara (Madison World). Mr Ashish Kulkarni, Chief Mentor of FICCI FRAMES & Founder of Punnaryug Artvision, delivered the vote of thanks.
The session reinforced Maharashtra and India’s commitment to sustainable growth, technological innovation, and global competitiveness in the creative sector, highlighting both opportunities and responsibilities for the rapidly evolving media and entertainment industry.
