With 1000 films and about 4 billion cinema tickets per year, Indian film industry is attracting world's attention for another reason; it's phenomenal growth, about 17 per cent, during the last two years. On Tuesday, August 12, 2008, India EU Film Initiative's Editor, Pervaiz Alam, was interviewed on Rupert Murdoch's Fox Business Network by Ashley Webster in London to explain how Spielberg and Hollywood could benefit by aligning themselves with Bollywood. Watch Pervaiz Alam's Interview.

Watch Bollyood Unplugged on Fox Business Network TV

Observers in Mumbai say the deal between DreamWorks and Reliance will further boost the morale of the Indian film industry which has seen a surge of foreign investment during the last two years. Indian film industry will gain huge international exposure as well as prestige by working with an icon of Hollywood- Spielberg. As Indian companies go abroad and buy iconic institutions such as Arcelor Steel, Tetley Tea and Jaguar cars, it's obvious that India's film industry too will have global ambitions. Anil Ambani and Spielberg can provide the impetus by coming together.

Film-making in India will multiply manifold in the coming months and years. India's media and entertainment industry is one of the fastest growing industries in the world, according to a study by PricewaterhouseCoopers, the world's largest accounting firm. Its revenues will reach $22.5 billion by 2011, says the study.

Three Indian Film companies are listed at the Alternative Investment Market of the LSE in London. And, they - Eros, UTV, TV18's IFC- are doing very well. Others have production agreements with Fox, Viacom, Walt Disney and Sony Corp. Individual Hollywood stars such as Will Smith, George Clooney and Brad Pit are also signed up to make co-productions with Indian film companies.

Corporate savvy institutions in Mumbai welcome the deal. They hope the Indian film industry will benefit from the world's most powerful, professional and popular film institution- Hollywood. Better working conditions and free flow of professional expertise will enrich the final product of the Indian film industry- known for making the largest number of films in the world, but, at the same time, it lacks in offering world class cinema. Not a single Indian film has featured in a competitive category of a major film festival such as Cannes and Venice. This could change in the near future.

In February, billionaire financier George Soros bought three per cent of Reliance Big Entertainment for $100 million.