Currently, direct economic impact by the media and industry is Rs 135,000 crore and employs over 1 million people.
The media and entertainment industry will create nearly four million jobs in next five years, a report revealed. According to a study by the CII-BCG Report Media and Entertainment - The Nucleus of India's Creative Economy, which is due to release on Tuesday, the Indian Media and Entertainment sector would grow at a relevant speed to create both direct and indirect employment by 2022.
"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 added.
The job creation will happen majorly because of the shifts around adoption of technology, big data and analytics as well as structural changes which will require a massive reskilling of the current workforce.
The industry also promises to continue a strong double digit growth of 11-12 per cent in the next five years, and needs to embrace itself for the consumption explosion, the report added.
Currently, direct economic impact by the media and industry is Rs 135,000 crore and employs over 1 million people.
Taking total economic impact, including indirect and induced benefits to the economy, media industry output is Rs 450,000 crore, contributing 2.8 per cent to India's GDP, the statement read.
Kanchan Samtani, partner and director, BCG, said, "It is the need of the hour, for the industry to identify the creative, technological and analytical skills that will be required over the next five to seven years to restructure its business model for the upskilling exercise. The talent agenda is the key aspect for the expansion of the sector. To achieve this, there is need for concentrated efforts by the government, academia and the industry bodies."
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 "Media, entertainment industry to create 4 million jobs by 2022")
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