Union Information and Broadcasting Minister Anurag Thakur announced at the inauguration of the 54th International Film Festival of India (IFFI) that India is set to become the third-largest media and entertainment market globally within the next five years. Thakur highlighted India’s current standing as the fifth-largest economy and media and entertainment industry globally, emphasizing its anticipated ascent to the third position.
Acknowledging the significant role played by the Over-The-Top (OTT) segment during the COVID-19 pandemic, Thakur noted that the IFFI would introduce a new award category, recognizing the best web series on OTT platforms. This award aims to celebrate the transformative impact of original content creators in India, recognizing their contributions to employment and innovation.
Thakur also unveiled other inaugural initiatives for this year’s edition, including the introduction of a VFX and tech pavilion in the ‘Film Bazaar’ section, showcasing innovations in the cinema world. Additionally, the festival presented ‘Cine Mela,’ a celebration of India’s diversity and culture, and introduced a section featuring restored classic feature films. The IFFI is set to premiere seven meticulously restored masterpieces as part of the National Film Heritage Mission, a project aimed at restoring and digitizing 5,000 films and documentaries under the National Film Development Corporation and National Film Archive of India.
