Budgetary support for I&B ministry increased by 22%

Banks and financial institutions have sanctioned more than Rs 236 cr, so far, for film and TV software production

Union Finance Minister Yashwant Sinha today told Parliament that India’s global leadership in computer software must now be complemented by another area of core competence, the vast terrain of the entertainment industry.

Sinha said India is the world’s largest producer of films, has a rapidly expanding broadcasting sector; a huge reservoir of talent in music; and a promising potential to become the international hub for all types of inputs for the entertainment industry.

Accordingly, the budgetary support for the Ministry of Information and Broadcasting (I&B) is being increased by 22% to Rs 415 crore for 2002-03, Sinha said.

With the industry status to the entertainment sector brought into effect last year, banks and financial institutions have sanctioned more than Rs 236 crore, so far, for film and TV software production, Sinha said.

Good money will certainly lead to good films. Film exports have been roughly doubling every year during the last 3 years. It is time the government brings in a fiscal regime to usher in more "Khushi" and take away the remaining "Gham" from the entertainment industry, Sinha said in a lighter vein.

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