Budget 2015: Media & Entertainment sector hopes for investment in education to build talent pool

By Apeksha Kaushik, TimesJobs.com Bureau

The media and entertainment industry currently shows a good growth path, backed by strong advertising revenues. Digitisation has provided greater impetus to the sector. As a result, demand for talent with niche skill-sets is growing at a rapid pace. This calls for investment in media-related education to build a strong talent pool, feel industry experts.

Budget focus

1. Standardised taxation
2. Skill development/skill based education and up-skilling
3. Removal of service tax on education and training activities

Talent focus

Today, employment numbers in the media and entertainment industry are quite disconcerting. "Over 50 per cent of those employed in the media and entertainment industry have no formal training. Despite this, the sector is able to sustain the successful spells. If we had access to a steady stream of well trained/well educated talent, the success rate would have been much greater," said Meghna Ghai Puri, president, Whistling Woods International.

With boom in the digital media space, demand for niche skill-sets is also increasing. But there is a huge demand-supply mismatch. "A higher investment in education within the media industry will help churn out the right talent and help in faster and better recruitments," said Zafar Rais, CEO, MindShift Interactive.

"Budgetary impetus in skill development and vocational development fields will enable better skilled and better educated talent to enter the media & entertainment industry thereby, changing the landscape dramatically," added Puri.

Business focus

A budget which allows better access, better growth potential and smoothes the way for industry growth, will always benefit job growth across all segments including media & entertainment and education. Thus the media and entertainment industry is looking for standardised taxation from the Budget 2015.

"It should not be taxed any more or any less than any other industry just because it is entertainment related. The industry is happy to contribute its fair share towards nation building but it should not be discriminated against as far as taxation is concerned solely because it falls under the category of 'entertainment'," feels Puri.

Further Puri added, more tax relief to the middle class will also benefit the industry as it will increase the spending in consumption of media and entertainment content.

The government has earlier supported the growth of the media & entertainment sector by taking various initiatives such as digitisation and increasing FDI limit from 74 per cent to 100 per cent in cable and DTH satellite platforms. Today, it is working on a new innovative model of financing infrastructure in the country which is likely to boost employment in the sector, in times ahead.