Bollywood has been India’s largest entertainment company since 1995. Keeping Pandemic aside, since 2007-2022, Bollywood has been consistently the world’s largest film producer. After 1950s, film production in counts increased. They produced around 125 films each year from 1955-2005, 2006-2014 production increased to 240 films a year, and 2014-2022 faced the highest count i.e., 2000 films per year.
Furthermore, Bollywood is said to be the fastest growing industry in India and is expected to be the largest contributors of growth in India. It contributes around 29% to the growth of the Indian economy. According to the report of Economic contribution of the Indian motion picture and television industry by financial services firm Deloitte, the entertainment industry is in good health, contributing Rs. 500000 crores to the economy, equating to 0.5% of GDP, in 2013. But currently (2022) the contribution has gone up to 50 lakh crores. Also, the Entertainment tax which is collected on per ticket is around 25% – 30%.
The table below shows the contribution of Bollywood in Indian economy in percentage from post-independence to the current year:
|YEAR||CONTIBUTION TO GDP IN %|
Neighbouring Countries GDP as compared to India’s GDP in 2022 is relatively low. Pakistan – 376.493 billion, Bangladesh – 460.751 billion, Sri Lanka – 73.739 billion, Bhutan – 2.707 billion. And India’s GDP is 3,468.566 billion. This shows that India is much ahead in growth of its economy than its neighbouring countries and one of its major factor and contributor is India’s Bollywood industry.
Therefore, this concludes that Bollywood’s contribution has pushed Indian economy to growth, that if Indian government wants, they can afford to help the neighbouring countries to grow and survive.