India - Delivering the Dream: Punit Goenka speaks at the 19th Wharton India Economic Forum

Opening Note:

If I were asked, under what sky the human mind has most fully developed some of its choicest gifts, has most deeply pondered on the greatest problems of life, and has found solutions, I should point to India!
These words are not mine, but of renowned German writer and scholar - Max Mueller; quoted almost a century back. Today these words, resonate with a greater relevance and with a much deeper conviction, as India shines in the global spotlight as potentially the next world super power. As our Chairman, Dr Subhash Chandra, has quoted, India has only now achieved freedom in the true sense. With the advent of a new government, power of the youth of the nation and the strong entrepreneurial culture which prevails in every corner of the nation, India; in a true sense, is all set to Deliver the Dream. 

Facts like, A) India’s GDP growth is poised to overtake that of China’s in a couple of years, B) the $20 Trillion economy target set by Prime Minister Narendra Modi, turning soon into reality, C) India – US landmark agreements on the upliftment of certain key cities, and D) India being eyed as a wonderful market by global investors, reiterate the aspect that India has emerged as the cynosure of the global lens. It is a matter of extreme pride for me, to represent this powerful nation at this esteemed assembly this morning. I applaud the hard work and dedication sown in by the students who are behind this prestigious annual property. I am told that Wharton India Economic Forum has been successfully hosting these annual events, since 1996.  It is indeed commendable, and I think we should all put our hands together for the entire students committee for putting together such a wonderful event; for someone has righty said, “Youth is the hope of our future”. 

On the Global Media & Entertainment Industry and how the Indian Media & Entertainment Industry is growing faster:

The global media and entertainment industry is expected to grow at a CAGR of 4 percent from 2015 to 2018, reaching around USD 2.3 trillion in 2018. The global market is certainly fragmented with Asia Pacific and North America dominating the industry. Markets like Latin America, Central and Eastern Europe and the Middle East are anticipated to develop rapidly. 

But if you look at the India numbers, the story is much more appealing. The CAGR growth of India’s M&E Industry is estimated at 15%, as against the 4% growth rate of the global industry. The size of the Indian industry is expected to exceed $29 Bn by the year 2018. Widespread technological advances in the ecosystem and the digital experience driven mainly by aspects like digitization of cable industry, has brought a new mindset to make business – more quicker, targeted, transparent, and collaborative. This industry is certainly a sunrise sector for the nation’s economy. Proving its resilience to the world, the Indian M&E sector is on the cusp of a strong phase of growth. Internet has almost become a mainstream media for entertainment for most of the people. The FDI inflows in the Information and Broadcasting sector in the time span of last 4 years, have been around $4 Bn, as per the data released by Department of Industrial Policy and Promotion. 

Technology advancements in the field of entertainment consumption have bloomed the industry further more. To cite an example, aspects like 4K - which will enrich the viewing experience, and will open a whole new arena of premium content consumption; or 4G – which will further empower the consumer to access rich content on the go; have given the overall ecosystem a whole new dimension.   

As the second fastest growing global economy and the fourth-largest economy in terms of purchasing power parity, India’s increasing per capita income, growing middle class and working population are generating huge domestic demand for goods and services — including leisure and entertainment. As global business leaders start to compete again for growth opportunities, there is an increasing sense of urgency among them to seize the prospects offered by the Indian market. India’s favorable regulatory environment and recent reforms are creating investment opportunities in a number of M&E sectors. There is an evolution of digital content consumption, which is at an inflection point. One of the reports published by Internet and Mobile Association of India revealed an interesting insight that the Internet in India took more than a decade to move from 10 million to 100 million and 3 years from 100 million to 200 million. However, it took only a year to move from 200 to 300 million users, making it utmost clear that Internet is mainstream in India today. Amongst these 300 million user, around 119 million users access the Internet on mobile devices in urban India. 

These numbers speak in leaps and bounds about the potential which India as a nation possesses, and justifies the reason behind it being in the global spotlight. 

How ZEE as a content company, is preparing to face the global stage:

Speaking about ZEE and its role played in shaping up this industry; right since our inception over two decades ago, when we launched the nation’s first satellite television channel, we have always set the trend for the industry to follow. With most industry firsts to our credit, we as a global entertainment conglomerate have always been at the crest of innovation and leadership. We take immense pride in the fact that, unlike other global media companies which have travelled to India to set up their operations, ZEE has travelled against the flow and has successfully set up its presence across 169 countries, entertaining over 800 million viewers across the globe. With our rich content expertise and pioneering vision, we at ZEE have implemented some successful strategic moves in the international territories, sensing the global trends and offering local and customized content solutions. Moving forward, we are working on global content properties, which will specifically cater to global audiences. By the year 2020, we aim to be ranked amongst the top global media conglomerates, entertaining over a billion hearts worldwide. ZEE has made a substantial contribution to the media and entertainment industry in the US, both in terms of revenue and employment opportunities. In terms of Internet, India.com, which is our initiative in the digital space, has emerged as a No. 2 portal in the US when it comes to the Indian diaspora. Going forward, in the US market, we also have plans of venturing into Radio, to further enhance our touchpoints with the consumers. As a leading media company, we aim to create a 360 degree consumer connect ecosystem in the US, providing engaging entertainment content. So while India as a nation, is all set to deliver the dream, we at ZEE have geared up with everything that it takes to rise as a leading global media brand from the emerging markets. 

Message to the youth:
Since this Forum is driven by the youth, I have a special message for them this morning. Message will be an understatement, since it is more of an invitation. In India, we truly cherish and treasure the power of our youth. Gone are the days, when the “Young India” aspired to find the first opportunity to leave the nation and set a base overseas. Today the opportunities in the Indian markets are so high, that the nation needs more and more young and fresh minds to unleash their creativity. India has the potential to give you that future which you have always dreamt for. Espousing our firm belief in “Vasudhaiva Kutumbakam”  - The World is My Family, irrespective of whichever geography or language, you represent, I invite you as family to India, to unlearn and truly implement all that you have accumulated, since if there is any market which has the potential and dynamics for your ideas to turn into reality in today’s era – it is certainly, India! And to the Indian youth present here, all I would say is that your nation needs you “NOW”. 

Closing Note:
I would again like to thank the entire committee of Wharton India Economic Forum for giving me an opportunity to speak my heart out at this esteemed gathering. I look forward to some interesting sessions and keynotes during the day from the other corporate and political leaders present here. Thank you.