India's Union Information and Broadcasting Minister, Anurag Thakur, announced on November 20th that India is poised to become the world's third-largest media and entertainment market within the next five years.

Speaking at the inauguration of the 54th International Film Festival of India (IFFI) in Panaji, Thakur emphasized the country's growing prominence, highlighting its current status as the fifth-largest economy and the media and entertainment industry.

Thakur introduced significant additions to this year's IFFI, including the inaugural presentation of the Best Web Series OTT Award, recognizing the transformative impact of original content creators in India. This acknowledgment comes as the OTT segment experienced substantial growth, entertaining audiences during the COVID-19 pandemic when traditional avenues were restricted.

Thakur noted that the OTT segment is currently expanding at a notable rate of 28 percent, justifying the introduction of this award.

Furthermore, the scope of the 'Film Bazaar,' an event held alongside the festival, has been expanded with the introduction of a well-curated VFX and tech pavilion showcasing innovation in the cinematic world. This year's edition also incorporates a documentary section supporting non-fiction storytelling and introduces 'Cine Mela,' a celebration of India's diversity and culture. The IFFI has additionally incorporated a section featuring restored classic feature films.

Seven world premieres of meticulously restored masterpieces from the National Film Development Corporation (NFDC) and the National Film Archive of India (NFAI) will be showcased under the National Film Heritage Mission.

Minister Thakur revealed that, as part of this mission, 5,000 films and documentaries are set to undergo restoration and digitization. This comprehensive approach reflects India's commitment to preserving its cinematic heritage while embracing the evolving landscape of media and entertainment.