Bollywood films prides itself over joining the elite ‘Rs 100 crore club’. But this is barely a reflection of their aspirations as the industry is now mulling over the idea of a Rs 1,000 crore blockbuster. Citing the examples of Hollywood movies such as Ang Lee directed Life of Pi and Danny Boyle’s Slumdog Millionaire, which went on to become global box office hits, the new chairman of the Federation of Indian Chambers of Commerce and Industry’s (FICCI) Media and entertainment committee Uday Shankar said that there was no reason why these movies ‘should not have been made in this country by one of us here’.

Speaking after releasing the FICCI-KPMG Indian Media and Entertainment Industry Report 2013, he emphasised on the huge opportunities available for the industry as they were ‘a real economic enterprise’ and not just a vehicle of glitz and glamour. “Just to put things in perspective, as a $15 billion industry, we employ over 6 million people. This can be so much more significant and meaningful”, he said.

He also observed that the sector has not been supported by policy and regulatory initiatives with the increase of customs on boxes and of withholding taxes on content rights.“Why would you not nourish an industry which has the potential to become a huge employer”, he said and called for a fundamental change in mindset. He also said that there were no accurate estimates of the industry as well as a crisis of talent.