Budget 2008 – What is in it for Movies?

This year’s Union budget presented in the parliament yesterday by the Finance Minister Chidambaram has been already termed as a people friendly budget. Although political analysts view it as a prelude to the ensuing elections, the budget, with its features like hike in the income tax exemption limit to Rs. 1.5 lakh and massive farm loans waiver, has certainly brought a smile on the Aam Adhmi’s face.

The Indian entertainment industry, one of the biggest revenue generators fuelling the Indian economy, also came to mention by the Finance Minister in Budget 2008. Terming it as India’s soft power, Chidambaram appealed the industry to project India’s music, literature, dance, and art in a sophisticated and subtle manner. “Indian films have tremendous market across the globe,” he added in his address.

Chidambaram further announced a grant of Rs. 75 crores to the Indian Council for Cultural Relations. “The fund will be utilized for the design and implementation of a program that will effectively promote India’s entertainment industry across the globe,” the FM declared.