Actor Kamal Hassan expressed his disappointment at the reluctance of banks and financial institutions to back the film industry. He felt this was giving the underworld a chance to get a toe-hold in it.
Speaking to reporters at a curtainraiser for the FICCI Media and Entertainment Business Conclave 2011, the actor who is chairman of the conclave, said there was a need to look at film financing more closely as banks shied away from lending to the industry based on its irregular repayment track record.
‘As a result all kinds of finance methodologies come into play in film financing, both legal and illegal. Even poultry farmers have a better chance of getting priority sector lending than film-makers,’ he lamented.
He explained that the industry and FICCI were working on ways to address the issue and it would come up for discussion at the two-day conference on ‘Embracing The Digital World’ slated for December 1 and 2 in Chennai.
He pitched for reduction in entertainment tax levied on films saying there should be no second thoughts about it in order to keep the industry healthy.