Bollywood superstar Shah Rukh Khan inaugurated the FICCI Frames - a three-day mega media and entertainment industry event - in Mumbai on Tuesday.

Apart from Shah Rukh, Maharashtra Chief Minister Ashok Chavan, Bollywood actress Katrina Kaif, renowned directors Yash Chopra and Karan Johar were present on the occasion.

This year the event is going to focus on piracy, proliferation of Indian films to new avenues, better collaboration with foreign films, new formats, and more.

King Khan enlisted the challenges ahead if Indian film industry aspired to reach wider global audience.

"I think we will have to work on screenplay, discipline and organisation and technology, these three things together. Only then actually Hollywood will offer us their full distribution platform because they will know that the film is in format that world understands," said Shah Rukh Khan.

Katrina Kaif lauded the efforts of the organisers, who are trying to take Indian film industry to new heights.

"They are really trying to delve and investigate into how we can make the business of entertainment industry better, how we can advance it and make it more profitable for everyone involved. So it something little slow and it is very special. They are really trying to investigate and come up with serious results," said Katrina Kaif.

The media and entertainment industry had gone through a tough time in the last two years as its mainstay advertising industry suffered due to the global financial slowdown.

The industry as a whole registered a modest growth of around 1.3 percent in 2009 compared to 12 percent in 2008. (ANI)