Indian amusement industry to touch Rs.3000 cr by 2006

Indian amusement industry to touch 3000 cr by 2006

By siliconindia staff writer   |   Friday, 21 January 2005, 08:00 Hrs
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NEW DELHI: The Rs 2000-crore amusement parks industry in India is expected to grow 48% to touch 3000 crore by next year, according to the Indian Association of Amusement Parks and Industries (IAAPI).

The industry has seen a growth of 56% since 2002 in terms of both the number of parks and the total area.

''There is no doubt the Indian amusement industry is on a boom. Millions of Indians in the metros as well as in cities and even in small townships are on the lookout for world-class entertainment avenues. The sector has tremendous potential for investments by business houses and foreign investors,'' IAAPI President Balwant Chawla said.

Ashok Goel,Director of Pan India Paryatan Ltd. said 'investments in the amusement sector could manifest into theme parks, water parks, multiplexes, family entertainment centers, interactive arcades, food courts and sports zones adding ‘India has very few family entertainment options and that is one reason the country is being seen as a long-term potential investment destination’.

IAAPI is striving to get the amusement & leisure industry acknowledged as a vital part of social infrastructure. The resultant exemption from entertainment tax would serve as an immense boost to the industry through increase in volumes as a result of lower ticket prices.

It is important to note that the employment generation in service sector in general and amusement parks, in particular, generates 10 times more employment for equal amounts of investment done in the manufacturing sector.

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