THE INDIAN FILM INDUSTRY

The first Indian-made feature film (3700 feet long) was released in 1913. It was made by Dadasaheb Phalke and was called Raja Harishchandra. Based on a story from the Mahabharata it was a stirring film concerned with honour, sacrifice and mighty deeds. The journey from then on has been long but eventful and through a span of nearly a century has witnessed classics like Mughal-E-Azam and Laagan (which was nominated by the Academy of motions pictures arts and science for the Oscar for the Best Foreign Language Film). Devdas which was screened at the Cannes Film Festival and eternal masterpiece Sholay continues to inspire the world.

The Indian film industry is the largest in the world in terms of ticket sales and number of films produced annually. India accounts for 73% of movie admissions in the Asia-Pacific region, and earnings are currently estimated at US$8.9 billion. The industry is mainly supported by the vast cinema-going Indian public. The Central Board of Film Certification of India cites on its website that every three months an audience as large as India's billion-strong population visits cinema halls. Indian films are popular in various parts of the world, especially in countries with significant Indian communities. The Hindi film industry, based in Mumbai is the largest branch of Indian cinema.

The new breed of directors like Karan Johar, Aditya Chopra, Farhan Akthar, Rituparno Ghosh, Ashutosh Gowarikar among others represent the new wave of Indian cinema. The world remembers and honours wizards like Satyajit Ray, who was awarded the Oscar for lifetime achievement, Shekar Kapur whose Elizabeth shot to global fame and won seven Oscar nominations.

The number of movies produced in India is the largest in the world. Approximately 23 million Indians go to see a film every day. According to a survey done by Ernst & Young, more than 70% of the Indian Film Industry believe that the film business in India is expected to grow by more than 15% in the next three years. Going forward with improvement in distribution, exhibition infrastructure, the advent of digital cinema and better exploitation of films, the industry is likely to grow at a compounded annual growth rate of 18% to gross $2244 Mn by this year. The overseas market has become increasingly lucrative for Indian producers with most films realizing 15-20% of their income from overseas.