India's film industry 'to grow 50% by 2014'

India's troubled film industry will back bounce back, and is set for growth of more than 50% by 2014, according to a new report. Bollywood has struggled in the past year, shrinking by 14% to $1.9bn, but yesterday's announcement from the Federation of Indian Chambers of Commerce & Industry and research company KPMG suggested it would rise to $3bn within four years. The industry's travails have been a combination of the global financial crisis, a stand-off between studios and cinema owners and a series of box office failures, reports Variety. The arrival of the new Indian Premier League cricket tournament is also said to have hit profits. The relative success of the Indian film industry in the last decade has not been lost on Hollywood. Will Smith's production company is producing two films with Indian counterpart UTV, while the sub-continent's Reliance Entertainment is a major backer for Steven Spielberg's Dreamworks. The US's entertainment media market, which includes TV and gaming industries as well as film, remains the largest in the world. It is currently projected to grow by 5.3% year-on-year, reaching $754bn by 2011.