"Actors falling ill, sets collapsing...": Subhash Ghai on what made him introduce insurance policy in Bollywood

Mumbai (Maharashtra) [India], January 28 : Subhash Ghai, the visionary behind cinematic classics such as 'Karma,' 'Ram Lakhan,' and 'Saudagar,' has significantly impacted the Indian film industry through innovative initiatives that reshaped its landscape.
Beyond launching fresh talent, Ghai has earned recognition for his contributions, including the introduction of insurance policies and the promotion of cheque-based payment systems.
In an interview with ANI, Ghai delved into the transformative phase of his career, remarking, "When 'Karma,' 'Ram Lakhan,' and 'Saudagar' became hits, I transitioned into a regular filmmaker. Understanding the commerce, technology, and art aspects became crucial."
Highlighting the industry's challenges, Ghai recalled, "I used to see that producers suffered losses. Actors falling ill, sets collapsing, rain disrupting shoots, causing films to halt production. Banks were hesitant to finance because the industry wasn't recognized."
"So I persuaded the Delhi government that you should recognize this industry as an industry. And that time in 1997-98, then the BJP government recognized this industry so that they could get finance from the bank. Because the bankers were very shy as the industry was dealing with cash at that time. It was a necessary evil kind of thing," he added.
Discussing his role in changing payment methods, Ghai stressed, "I initiated a trend, told established actors that if they want cash, they're not part of my film. This news reached the big stars. 'Subhash ji has told big stars to take whatever they want through cheque', and a new trend started. Initially, 50 per cent, 30 per cent, 10 per cent, and gradually, everything. So, the trend started from here."
Ghai provided deeper insights into the industry's vulnerability and the need for insurance policies, stating, "I convinced banks, underwent due diligence for ten years, and they were surprised by our impeccable accounts, time management, budget discipline, and financial practices."
Explaining the impact of these changes, he said, "They(bank) provided banking facilities on our name and introduced insurance policies called Mukta Cine(Cine Mukta) policy. It's not just about Mukta policy; it signifies a positive change in the industry."
Reflecting on the transformational journey, Ghai remarked, "In 2000, Mukta Arts became the first company to declare itself a corporate entity on the stock exchange because I wanted to build a school. I needed funds for the school. So I promised that I would create a pool of talent in this industry. For the betterment of the industry."
Ghai is a well-known director, producer and actor. His most notable works include 'Kalicharan', 'Vishwanath', 'Karz',' Hero',' Vidhaata',' Meri Jung', 'Khal Nayak', 'Pardes', 'Taal', among others.
He started his career in Hindi cinema as an actor with small roles in films including 'Taqdeer' and 'Aradhana'.