 "Phase-III of radio channel auction likely to fetch $390 mn: Venkaiah Naidu")
He said the industry is poised to witness a phenomenal growth opportunities which would primarily be seen after the second batch of the Phase-III auction for 266 FM channels in 92 cities on Wednesday.
The 227 channels will be auctioned for 69 fresh cities while 39 in the existing 23 cities.
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"The Phase-III auction, which started in July 2015, is likely to bring in an estimated $390 million in revenue to the government. With over 800 frequencies up for auction in third- and fourth-tier towns (in 294 cities), radio is likely to match the reach of print," he said while addressing 5th edition of CII Big Picture Summit 2016 here.
He also said the government will join hands and work with industry to achieve the ambitious target of taking the Indian M&E (media and entertainment) industry to $100 billion in next five to Seven years.
"It is not an unambitious target and the I&B ministry will play a facilitator role with right regulation, regulatory corrections and policy initiatives. We are committed to transparent functioning," he said.
The Minister said Indian share of the world M&E market is less than 1 per cent in the $3 trillion global media and entertainment market.
He said Indian cinema should preserve and project integral part of the Indian culture and its heritage to make the nation strong.
He urged the film fraternity to avoid showing "vulgarity and obscenity" in cinemas.
Without mentioning India-Pakistan tension, he said though art has no boundaries countries do have.
"We want good relations with all including our neighbours. But the neighbour too has to behave like a good neighbour," he said.
"Aiding, abetting, funding and training terrorists, is not acceptable at all. They want to subvert the country. Why are you doing this? This will be ruinous for you also. Let us join together. Why this kind of activity? Terrorism is the enemy of humanity and it has no religion," he said.
He said India has "no history of aggression" and is the most tolerance country. To stress India's "history of non-aggression", he added Lord Ram also went to Sri Lanka to kill Ravana but then came back. He said the government is in "unanimity with the industry
in favour of self-regulation" to maintain the values of Indian cinema.
However, he said, the regulation is needed for the "betterment of the system" and "not for strangulation".
Regarding opportunities in the skill sector for the M&E industry, Naidu said the government was fully aware of the "acute shortage" of professionals in different segments.
He said the country's M&E sector had always been a very liberal media market and a number of initiatives had been taken- including opening up and liberalising foreign direct investment (FDI) in the broadcast sector. In a lighter vein he said FDI means 'First Develop India'.
A CII-BCG Report on 'Convergence, the new multiplier for M&E's $100 billion vision' was also released at the event.