Thakur additionally introduced to introduce an award for the very best net collection to acknowledge the contribution of authentic content material creators.

Anurag Thakur, union data and broadcasting minister, says that India will turn into the third largest media and leisure market on this planet within the subsequent 5 years.

He gave the assertion through the inauguration of the 54th version of the International Film Festival of India (IFFI) in Panaji, as reported by PTI.

Thakur mentioned, “India, on one hand, has become the fifth largest economy of the world. It is also the fifth largest in the world in terms of the media and entertainment industry. In the next five years, India is going to be the third largest economy in the world as well as the third largest media and entertainment market.”

“Similar to final 12 months’s version once we initiated some firsts, we proceed that spirit with some extra firsts on this version. For the primary time and from hereon, IFFI will bestow the very best net collection OTT award. It will acknowledge the transformative position of authentic content material creators in India and rejoice their contribution to employment and innovation,” he added.

This recognition is being given to OTT as a result of it entertained folks when every thing was closed through the COVID-19 pandemic. Currently, the OTT (phase) is rising at a charge of 28%. 

“Another first in this year’s edition was the augmenting of the scope of ‘Film Bazaar’ (an event held on the sidelines of the festival) by introducing a well-curated VFX and tech pavilion to showcase innovation from the cinema world, a documentary section support non-fiction storytelling”, he added. 

Thakur unveiled plans for Cine Mela, an occasion geared toward commemorating ‘diversity and culture’. Moreover, he highlighted IFFI’s new phase devoted to showcasing restored traditional characteristic movies, indicating that seven world premieres of NFDC (National Film Development Corporation) and NFAI (National Film Archive of India) beneath the National Film Heritage Mission shall be offered through the competition.

Under this mission, 5,000 movies and documentaries shall be restored and digitized.