With a growing middle class, a large English-speaking populace, a booming number of multiplexes and a cinema-obsessed popular culture, India is a natural destination for Hollywood studios, say US and Indian business leaders.
Pointing to the worldwide success of Slumdog Millionaire and the release of latest James Bond film, Quantum of Solace, in India a full week before its American opening, they suggest a fostering of Hollywood-Bollywood connections.
"The United States and India possess the world's largest entertainment and media industries, both in terms of sheer output and global popularity. Yet traditionally neither industry had much interaction with the other or enjoyed success in the other's domestic market," they noted in a new report released Wednesday.
"However, two signal events, both occurring in recent months, point the way to how important synergies can be exploited for producing new content, forging new creative collaborations and accessing new markets," the experts said referring to the two films.
Specifically, a task force set up by the Pacific Council on International Policy and the Federation of Indian Chambers of Commerce & Industry (FICCI) recommended:
The United States and India should craft a common approach on cultural market access and use their strategic positions to advance it in global trade negotiations.
Both countries should devise a joint plan for advancing the digital transformation of the global media industry.
Both governments should provide adequate funding for efforts to develop advanced fiber-optic networks that enable real-time creative and production partnerships between the two countries.
Create short-term exchange programmes between US and Indian production companies and film schools designed to foster genuine creative interactions.
Washington should encourage the Academy of Motion Picture Arts and Sciences to help the Indian film industry create a counterpart institution.
The United States and India should eliminate tax and regulatory barriers that continue to impede bi-national production partnerships.