Eradication of piracy and strict enforcement of laws against copyright infringements would help promote the growth of domestic music industry, a Deloitte-IMI report has suggested.
The report has also recommended music centric grants, and export schemes for the recorded music industry.
It said that music grants and export schemes, provided by different government departments, can help build a supportive ecosystem in India that is conducive for the growth of MSMEs, larger enterprises as well as start-ups that are involved in music content creation.
It added that the Cell for IPR Promotion and Management, under the Commerce and Industry ministry, is taking positive efforts at law enforcement at the central and state governments level which is helping in tackling issues of piracy.
"Campaigns have been launched and IP (intellectual Property) Cells have been set up across states. Such initiatives need to converge in a cohesive manner to help eradicate piracy and thus, promote the legitimate music industry," the report titled 'Economic impact of the recorded music industry in India' said.
Deloitte Partner Jehil Thakkar said that effective implementation of intellectual property laws would help in giving a huge boost to the industry.
"The industry has huge potential to create jobs and enhance economic activities in the sector," Thakkar said.
Vikram Mehra, Chairman, Indian Music Industry (IMI) said the industry needs full support of the government to push its growth.
"The industry is uniquely placed in India to enter the top 10 music markets. However, we still have a lot of work to do, and we need government's help in the same," he said.
Further the report suggested to focus on cities where a strong ecosystem for the sector can be build.
"Esplanade in Singapore and the Opera House in Sydney are tourist attractions that are key top community engagements and bring in millions of revenue and employment generation," it said.
It also asked the government to consider investing in vocational training to nurture talent and attract students from across the country.
India needs to develop national universities like Royal College of Music in London and Berklee College of Music that focuses on performing arts especially music.
It added that removal of key challenges like piracy epidemic, increasing value gap, legislative and regulatory impediments and compliance of public performances would help in giving a boost to the sector.
The increased penetration of smart phones and affordable data charges in India have accompanied by an increase in the consumption of pirated content online, it said.
"Piracy hampers the music industry's economic growth, leaving artists, music publishers and composers, uncompensated for their investments in content creation, marketing, promotion and distribution," it said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)