NEW DELHI: The Indian radio industry is expected to grow to Rs 33.6 billion by 2018 from Rs 8.4 billion in 2008.

Stating this, the Economic Survey presented by finance minister Arun Jaitley, who holds the Information and Broadcasting portfolio as well, said there is a large demand for FM radio in many cities which remain untapped by private FM radio broadcasting.

The government had already taken a decision to allow 839 more private FM radio channels in 294 cities and towns under FM Phase-III in addition to the existing 243.

At the outset, the Survey said the Indian media and entertainment industry has recorded unprecedented growth over the last two decades, making it one of the fastest growing industries in India.

According to a report by FICCI-KPMG, the Indian media and entertainment industry grew by 11.7 per cent to Rs 1026 billion in 2014 from Rs 918 billion in 2013 and it is projected to grow at a CAGR of 13.9 per cent to reach Rs1964 billion by 2019.