Subhash Ghai, renowned for his cinematic masterpieces like ‘Karma,’ ‘Ram Lakhan,’ and ‘Saudagar,’ has been a transformative figure in the Indian film industry. His innovative approaches have led to significant changes in its functioning.
Ghai is celebrated not just for discovering new talent but also for pioneering industry-wide changes, such as introducing insurance policies and transitioning to cheque-based payments. In an ANI interview, he reflected on his career evolution post the success of his hit films, emphasizing the importance of understanding the industry’s commercial, technological, and artistic dimensions.
He recounted the industry’s earlier challenges, like production losses due to unforeseen events, and the reluctance of banks to provide financial support due to the industry’s non-recognition and cash dealings. Ghai played a pivotal role in changing this by convincing the Delhi government to recognize the film industry, paving the way for bank financing.
Ghai also discussed his initiative to change payment methods, insisting on cheques over cash for actors, a move that gradually became an industry standard. His efforts led to more transparency and trust in financial dealings within the industry.
His push for insurance policies stemmed from his experience with banks, where he showcased the film industry’s discipline in accounting and budget management. This led to the introduction of the ‘Mukta Cine’ policy, symbolizing a positive shift in industry practices.
Ghai’s visionary approach extended to Mukta Arts becoming the first film company to be listed on the stock exchange in 2000, a move driven by his desire to build a school and create a talent pool for the industry’s betterment. This marked a significant milestone in the industry’s journey towards corporate structuring and professional development.