The domestic animation market is expected to grow to over $15 billion over the next few years from the present $500-600 million. A large chunk of this will come from outsourcing contracts that Indian companies will bag from the global animation studios.

"Indian entertainment industry is big and animation will be the key driver for its growth. We expect large contract to come to India. But, the Indian companies will also have to undertake original development work," said Arno de Nanteuil, international sales head, ReedMidem, the group that organises television content events such as MIPTV.

Nanteuil is trying hard to woo more Indian companies to participate in its global events. "We do have some of the Indian companies coming to our events. But, the participation should be larger considering the potential the market has," he said.

But India is all set to face stiff competition from China in this market also, with a host of Chinese firms aggressively marketing themselves globally. Besides, the Chinese market also develops a large quantity of content for its own consumption.

Pointing out that China has a large presence at MIPTV, Nanteuil said Chinese companies do pick up a lot of show formats and contract to develop content in these shows.

"Indian companies have seen benefited of being there. Some of the broadcasters have picked up formats for shows. Apart from bagging contracts, even shows can be acquired here," he said. According to him even formats of Indian sops can also find market in the two events.

Currently, the Indian show at MIPTV is not that impressive as the country's animation industry's contribution to the over euro 500 million trade that takes place at the event is very low.

"Indian presence at international shows is very weak. There is hardly any trade takes place compared to the overall exchange that happens," said an Indian entertainment industry expert.