Budget 2021 for the entertainment industry: The film industry has been one of the worst impacted sectors in the country due to the pandemic. After the theatres were shut down and productions of films and TV shows stopped all across the country, the industry suffered huge losses. With Finance Minister Nirmala Sitharaman presenting her first pandemic budget today, the industry is hoping for some relief. Also Read – Budget 2021: FM Nirmala Sitharaman Breaks Tradition, Carries Made in India Tablet Instead of Bahi-Khata
Reduction in entertainment tax and relief to theatre-owners
The major chunk of losses came from the ban on movie-release in cinema halls. While the same has been lifted now and the Information and Broadcasting ministry has finally allowed 100 per cent occupancy in theatres, a lot still needs to be taken care of. The biggest relief would be the reduction of the entertainment tax. Many states are operating with big entertainment tax and the budget could provide some relaxation in the same aspect. This also includes the reduction of GST. Any initiative in favour of cinema hall owners, and to attract more audience to theatres would be appreciated. Also Read – Budget 2021 LIVE: Sitharaman Ditches ‘Bahi Khata’ For Made in India Tab, to Meet President Shortly
Boost to digital space
The government can also look forward to boosting digital platforms since that emerged as the only viable option to keep the industry going when nothing else was approachable during the pandemic. The importance of a digital nation came face-to-face in the year 2020 and any initiative boosting entertainment in digital space would only benefit the industry and the economy. Also Read – Stocks to Buy Before Budget 2021 India: Here Are 5 Sectors to Look Out For
Subsidies to shoot in other states
The other area that the government can look into is providing subsidies to shoot in states. The Uttar Pradesh government is already doing that but the challenge is to make the entire country look shoot-friendly. A subsidy to encourage shooting in states will also lead to an increase in tourism and local employment to the state. The initiative has begun with the government encouraging filmmakers to shoot in Kashmir and UP, and there’s still a lot more to be done.
Encouraging female employment in the industry
More eyes are on FM Sitharaman to gauge what she has in the pipeline to encourage women-employment across the country. The film industry employs many women in each sector, right from performance, direction, writing, music composing, and cinematography among other areas. The budget could send out a positive sign and boost female employment in the industry by giving some relief to production houses in taxes and film-budget if they get more women on board. Similarly, some financial assistance can be given to female directors to encourage them to make more movies, and to directors for making movies on women-related subjects.
