New Delhi, Dec 4: The media and entertainment industry will create four million jobs in upcoming four to five years, according to a report.
The report is part of the CII-BCG Report Media and Entertainment – The Nucleus of India’s Creative Economy, to be released at the CII Big Picture Summit 2017 on Tuesday.
The sixth edition of the Summit is themed ‘M&E: The Digital Takeover’, and organised by the Confederation of Indian Industry (CII), news agency IANS reported.
It will bring together bright minds of industry leaders to navigate a successful growth path at a time when digital transformation, convergence of technology and disruptive ideas are changing the rules of the game, read a statement.
The report encapsulates the rapid growth of the media and entertainment sector and the need to address large talent and skill gaps.
“The Indian media and entertainment sector has huge room for growth and can create four-five million jobs without much spending from public infrastructure.
“Digital platforms are proliferating and there are tremendous opportunity that never existed before – especially for creators, storytellers and technology providers,” said Chandrajit Banerjee, Director General, CII.
“Skilling is a major challenge as well as an opportunity for M&E industry as it can open new job prospects for young India,” he further asserted.
As per the CII-BCG report, media industry workforce will be unrecognisable in 2022.
Key shifts around adoption of technology, big data and analytics as well as structural changes will mean many new job roles and a massive reskilling of the present workforce.
The industry also vows to continue a strong double digit growth of 11-12 per cent in upcoming five years, and needs to embrace itself for the consumption explosion.
At present, direct economic impact by the media and industry is Rs 135,000 crore and employs more than 1 million people.
Taking total economic impact, including indirect and induced benefits to the financial system, media industry output is Rs 450,000 crore, contributing 2.8 per cent to India’s GDP, the statement read.