A first-generation entrepreneur in a Tier-2 city buys a ₹8,000 microphone, starts a regional-language podcast, and within twelve months has two lakh subscribers and brand deals rolling in. This is not a lucky outlier — it is the new shape of the media and entertainment business in India. The cost of production has dropped to almost zero. Distribution through the internet is free. And audiences starving for regional content are paying to access it.
India's media and entertainment industry spans satellite TV, FM radio, print, film studios, music production, OTT platforms, live events, and digital content. It is one of the fastest-growing creative economies on the planet — and the government is funding it actively.
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India M&E Market (FY2024)
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₹2.32 lakh crore — Ministry of Information & Broadcasting
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Projected CAGR (2024–2029)
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10–11% (FICCI-EY M&E Report 2024 estimate)
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Minimum Entry Investment
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₹5 lakh (podcast/digital studio) to ₹2 crore+ (FM radio)
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Key Production Hubs
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Mumbai, Chennai, Hyderabad, Noida, Bengaluru, Kolkata
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Key Licence (TV)
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MIB uplinking/downlinking permission; TRAI registration for DTH
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OTT Active Users (2024)
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500 million+ — TRAI estimate
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900 million+ internet users in India as of early 2024 (TRAI) — making India the world's second-largest online audience and the primary growth engine for the media and entertainment manufacturing business.
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Why the Media and Entertainment Sector Is One of India's Best Business Opportunities Right Now
India's single most powerful demand argument is structural: 1.44 billion people, the world's largest youth population, rapidly expanding internet, and a chronic shortage of quality regional-language content. These four forces converge into a media business opportunity in India that is broader and more durable than almost any other consumer sector.
Internet penetration hit 900 million users by early 2024 (TRAI), and mobile data costs remain among the lowest globally. Content consumption has migrated decisively to digital — yet traditional formats like FM radio and cinema stay robust. Smart entrepreneurs build multi-format businesses: podcast networks, regional OTT channels, or independent production houses.
The film industry alone generated over ₹13,000 crore in domestic box office in 2023 (Ormax Media). CBFC certified 1,643 films in 2023 — a record — confirming that production pipelines are running at peak. New entrepreneurs can enter as production houses, VFX units, dubbing studios, or set-build contractors at a fraction of the capital a mainstream film requires.
FM radio's Phase III expansion licensed 839 channels across 294 cities (MIB, 2023). Over 550 channels are now on-air. Smaller cities received their first private FM stations only recently. One-time entry fees for smaller cities start around ₹20 lakh — a realistic investment for a focused entrepreneur.
Music production is booming in parallel. India's recorded music market grew at 18% year-on-year in FY2023 (FICCI-EY). Studios, sound engineers, and streaming aggregators are in short supply relative to content demand. Starting a music production business in India today means entering a market where demand consistently outstrips supply.
Export opportunity adds a global dimension. Indian content is licensed across Southeast Asia, the Middle East, and North America through diaspora networks. OTT platforms — Netflix, Amazon, JioCinema — actively commission Indian originals, creating a co-production revenue stream that did not exist for a small producer a decade ago.
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1,643 films certified by CBFC in FY2023 — the highest annual count on record. Post-production, VFX, dubbing, and studio-hire businesses face sustained demand from a full production calendar year-round.
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India's M&E Market: Demand Data and Growth Evidence
The Indian media and entertainment market growth story is measured in multiple currencies: subscriber counts, box-office receipts, advertising spends, and streaming revenues. Together they confirm that this is not a boom — it is a structural expansion.
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Year
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India M&E Market Size
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Key Growth Driver
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FY2020
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₹1.82 lakh crore
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Pre-COVID baseline; print and TV dominant
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FY2021
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₹1.44 lakh crore
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COVID impact; digital OTT surged 30%+
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FY2022
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₹1.84 lakh crore
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Sector recovery; OTT consolidation phase
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FY2023
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₹2.08 lakh crore
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Cinema revival; live events return
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FY2024
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₹2.32 lakh crore
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OTT + regional content driving growth (MIB)
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FY2027E
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₹3.08 lakh crore
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CAGR 10-11% assumption (FICCI-EY estimate)
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FY2030E
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₹4.25 lakh crore
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Digital-first, regional-language dominance
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FY2035E
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₹6.80 lakh crore
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Long-range projection at 10% CAGR (industry estimate)
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What Official Data Says About India's Media and Entertainment Business
Government data confirms what entrepreneurs on the ground already sense: the media and entertainment industry in India is a policy-backed priority sector, not just a commercial opportunity.
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Parameter
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Figure
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Source & Year
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India M&E Market Size (FY2024)
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₹2.32 lakh crore
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Ministry of Information & Broadcasting, 2024
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FM Radio Channels Licensed (Phase III)
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839 channels across 294 cities
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MIB, 2023
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Films Certified by CBFC (FY2023)
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1,643 films
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CBFC Annual Report, 2023
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OTT Active Subscribers (2024)
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500 million+ users
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TRAI Telecom Subscription Report, 2024
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Internet Users in India (2024)
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900 million+
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TRAI, Q1 2024
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Government Budget: Film Facilitation Office
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Single-window shoot clearance
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Ministry of I&B, 2023
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Animation & VFX Sector
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₹12,000 crore; 15% CAGR
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NASSCOM / MIB estimate, 2023
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Recorded Music Market Growth (FY2023)
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18% year-on-year
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FICCI-EY M&E Report 2024
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Government Schemes and Incentives for Media and Entertainment Entrepreneurs
Central and state governments have created a clear policy environment for media and entertainment business ideas in India. The Film Facilitation Office (FFO), under the Ministry of Information & Broadcasting, provides single-window clearance for film shoots across India — eliminating the multi-department permission process that previously deterred independent productions.
The National Film Development Corporation (NFDC) funds documentaries, feature films, and co-productions under the National Film Policy. NFDC's co-production treaties with 15+ countries enable Indian production houses to access international financing for cross-border content.
Animation, visual effects, gaming, and comics (AVGC) received a dedicated Promotion Task Force in 2022. The AVGC-XR National Mission allocated resources to build India into a global AVGC hub — directly creating demand for animation studios, VFX houses, and gaming companies.
MSME Udyam registration opens CGTMSE collateral-free loans and CLCSS technology subsidies for media entrepreneurs investing in studio equipment, broadcast technology, or post-production software. State-level policies in Maharashtra, Karnataka, and Telangana offer additional incentives — including studio space subsidies and power tariff concessions — for content production units.
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Practitioners' Insight: The fastest-growing segment for new media entrepreneurs is not Hindi Bollywood — it is Tier-2 regional language content. Tamil, Telugu, Kannada, Bhojpuri, and Marathi OTT demand runs significantly ahead of supply. Entrepreneurs who build production infrastructure in regional hubs like Coimbatore, Bhubaneswar, Indore, or Surat find themselves competing for far fewer projects while addressing a much larger unmet demand than those attempting to enter the Mumbai mainstream.
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Export Markets and Global Opportunities for Indian Media Producers
Indian films now regularly earn overseas box office above ₹500 crore per major release. Key markets are North America, UK, Australia, and the Gulf. OTT platforms have created a new licensing revenue stream: a regional web series can be licensed to Netflix or Amazon within months of release, earning foreign exchange without a theatrical run.
Indian music — Bollywood and Punjabi pop — is streamed globally. IFPI ranked India one of the top-10 fastest-growing recorded music markets globally in 2023. Regional-language diaspora publications in the UK, USA, Canada, and Gulf represent a growing export market for print. On imports, India brings in broadcast technology and post-production software — a gap domestic tech-focused media entrepreneurs are starting to fill.
Major Indian Companies in the Media and Entertainment Sector
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Company
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Segment
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Note
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Reliance / Jio Studios
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OTT, Film, TV
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Largest integrated M&E group; JioCinema 500Mn+ registered users
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Sun TV Network
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Television, Film, Radio
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Dominant in South India; 33 TV channels, 45 FM stations
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Zee Entertainment
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Television, OTT (ZEE5)
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Pan-India: one of India's oldest private TV broadcasters
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Saregama India Ltd.
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Music Publishing
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Owns one of India's largest music catalogues; Carvaan creator
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PVR INOX Ltd.
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Multiplex Cinema
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India's largest multiplex chain; 1,700+ screens, 110+ cities
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Bennett Coleman (Times)
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Print, Radio, Digital
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Times of India, Economic Times, Radio Mirchi
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Jagran Prakashan
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Print (Hindi)
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Dainik Jagran reaches 70Mn+ readers
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Shemaroo Entertainment
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Digital, OTT
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MSME-origin; regional digital content distributor
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The Growth Horizon: India's Media and Entertainment Market Through 2035
At an assumed CAGR of 10%, India's M&E market is projected to reach approximately ₹7.1 lakh crore by FY2035. Three forces will drive this: rising per-capita income fuelling subscription willingness, 5G enabling HD streaming in rural India, and government policy favouring domestic content.
Regional-language content will be the defining growth story. Hindi faces saturation; Tamil, Telugu, Kannada, Bengali, and Marathi demand runs significantly ahead of supply. Entrepreneurs building regional content capabilities today — a Tamil podcast network, a Bengali OTT channel — position for the advertising wave that rising regional incomes will generate over the next decade.
Practitioner Q&A: Starting a Media and Entertainment Business in India
Q: What is the minimum investment needed to start a media and entertainment business in India?
A: Entry points vary enormously by format. A digital content or podcast studio: ₹5–15 lakh. A regional-language YouTube channel or OTT channel: ₹20–50 lakh for initial production. An FM radio station in a smaller city: ₹2–5 crore including the MIB licence fee. A film production company (first project): ₹50 lakh–₹5 crore depending on scale. The lowest-capital, fastest-return entry point is digital content — a studio, a YouTube channel, a podcast network — where production costs are minimal and revenue from advertising and brand deals can begin within 12–18 months.
Q: What licences does a new media or entertainment business need in India?
A: Licences depend on format: (1) FM Radio — MIB uplinking/downlinking permission, TRAI registration; (2) TV Channel — MIB channel registration + DTH/cable carriage agreements; (3) OTT Platform — no formal licence required, but Intermediary Guidelines 2021 apply; (4) Film Production — CBFC certification required for theatrical release, not for OTT; (5) Print — Declaration under Press and Registration of Books Act; RNI registration. All media businesses require MSME Udyam registration for scheme access.
Q: Is government funding available for new content producers?
A: Yes. NFDC provides production funding for documentaries and feature films under the National Film Policy — priority for first-time filmmakers. The AVGC National Mission provides grants for animation and VFX units. Doordarshan commissions content from independent production houses — a revenue stream available to Udyam-registered MSMEs. State film development corporations (Maharashtra, Karnataka, Telangana) offer location subsidies and co-production support.
Q: How do I monetise a regional OTT content business?
A: Five monetisation routes exist for regional OTT content: (1) Direct licensing to OTT platforms (Netflix, Amazon, Zee5, MX Player, SonyLiv) — one-time or royalty licensing fee; (2) Subscription revenue from your own platform (SVOD model); (3) Ad-supported streaming (AVOD) — YouTube or your own app with ad placements; (4) Brand integrations — regional brands sponsoring content; (5) International licensing — diaspora markets in UAE, USA, Canada, UK, Singapore. Combining (1) and (4) is the fastest path to revenue for a new regional producer.
Q: What is the AVGC sector and what opportunity does it offer?
A: AVGC stands for Animation, Visual Effects, Gaming, and Comics. India's AVGC sector generated approximately ₹12,000 crore in revenue in FY2023 (NASSCOM estimate), growing at 15%+ annually. The AVGC-XR National Mission targets making India the global outsourcing hub for animation and VFX. Opportunity for entrepreneurs: post-production outsourcing for international studios, mobile gaming studios (India has 600Mn+ mobile gamers), and edtech animation for the education sector.
Q: How profitable is FM radio as a business in India?
A: FM radio is a profitable, stable business with high operating leverage once the licence fee is paid. Revenue comes from local, national, and government advertising. The licence one-time entry fee ranges from ₹6 lakh (small city) to ₹50 crore+ (metro), with annual spectrum charges thereafter. EBITDA margins for established FM stations run 25–35%. The Phase III expansion created 294 new markets, several still with no competition from a private FM player.
Q: What government scheme helps an MSME media company access collateral-free loans?
A: CGTMSE (Credit Guarantee Fund Trust for MSMEs) provides collateral-free credit guarantees for loans up to ₹5 crore for Udyam-registered MSMEs. A media production company, digital studio, or animation unit registered as MSME can approach any scheduled commercial bank for a CGTMSE-backed loan without pledging assets as collateral.
Q: Which Indian states offer the best incentives for new media businesses?
A: Maharashtra (Mumbai) offers Film City infrastructure, tax concessions, and MIDC-designated media zones. Telangana (Hyderabad) has Ramoji Film City and an active film production incentive policy. Karnataka (Bengaluru) leads in animation, gaming, and digital media. Tamil Nadu has dedicated film production zones and a growing VFX ecosystem in Chennai. Uttarakhand, Himachal Pradesh, and Rajasthan offer location-shoot subsidies.
Q: Can a new entrepreneur enter the music industry in India without major label backing?
A: Yes — the barriers have collapsed. Independent music distribution through DistroKid, TuneCore, or Believe Music places tracks on Spotify, Apple Music, JioSaavn, and YouTube Music without a label. Several independent artists earn ₹10–50 lakh annually from streaming royalties alone. For a music production business, the MSME entry path is: record independent artists, distribute digitally, licence music for OTT background scores and advertising — three revenue streams accessible with a ₹15–25 lakh studio setup.
Q: What is the realistic timeline to profitability for a new media business?
A: Digital content businesses can reach break-even in 12–18 months with the right niche. FM radio stations typically break even in Year 2–3. OTT content production houses that license to platforms can be profitable on a per-project basis from the first year. The clearest near-term path to profitability is digital content + government advertising commissions from Doordarshan and DAVP.
The Bottom Line
India's media and entertainment business is a sector where the demand is structural, the technology barriers have collapsed, and the government is actively creating opportunity. 1.44 billion people, 900 million internet users, and a chronic shortage of regional-language content have combined to create an entrepreneurial landscape that simply did not exist a decade ago.
Government support is concrete and accessible: NFDC production funding, CGTMSE collateral-free loans, AVGC National Mission grants, Film Facilitation Office single-window clearance, and state-level production incentives. Media and entertainment business ideas in India are not limited to mainstream cinema — podcasts, animation studios, regional OTT channels, music production companies, and FM radio stations all represent viable, fundable entry points.
The most important first step: identify your format, your language, and your audience. Then map the content gap that exists in that combination. The media and entertainment industry in India rewards specificity — the entrepreneur who builds the leading Bhojpuri podcast network or the premier Kannada short-film studio will find an audience, an advertiser, and an acquirer long before the generalist finds a footing.
References
1. Ministry of Information & Broadcasting — India M&E market size (Rs.2.32 lakh crore, FY2024); FM radio Phase III licensing data
2. FICCI-EY M&E Report 2024 — CAGR projections (10-11%), segment-wise market breakdown
3. TRAI Telecom Subscription Report 2024 — Internet users (900 million+), OTT active subscribers (500 million+)
4. CBFC Annual Report 2023 — Films certified (1,643 in FY2023)
5. NASSCOM — AVGC sector revenue (Rs.12,000 crore) and growth rate (15% CAGR, FY2023)
6. NFDC / Ministry of I&B — National Film Policy, production funding schemes, and international co-production treaties
