Is Indian Film Industry the Largest in the World?

Indian Film Industry (IFI) is one of the largest Film Industry in the world.

Some of the STATS justifying this:
1. Number of Films Produced: From the numbers collected in the year 2009, India produced a staggering 2961 films (a year record) out of which 1288 films were feature films. Here is a list of top 5 feature films producing nations from the data of 2011:
                                         
2. IFI Market and Admissions: India's Box Office market is an astounding $1.7 b and accordingly our admission rates are almost 7 times the 2nd best in the world and 15 times the 3rd best at a tremendous 9.1 b. With our population just over 1.2 b this means it can only be possible with repeat viewing which is highly rampant in the rural parts where a same film is viewed more than 5 times because of the lack of new launches. A very outside average which can hardly give the picture but for the sake of statistics would mean, every Indian at least watched 7.3 films a year, in the theaters.
3. Employment Generated: It is one of the biggest employers in India with well-established multiplex players like PVR (408 screens), Inox (296), Big Cinemas (254) and Cinepolis (100). India with more than 10k screens all over, it is the 3rd highest in the world.                    
As a film industry India just doesn't have the largest but also the oldest institution of art, originating 103 years ago ( Khanna, "The Business of Hindi Films", 140) with Dada Saheb Phalke being given the honour of Father of Indian films (book by Bapu Vatave) on several occasions.
Thus taking these factors into account and the resounding stats that is way ahead of 2nd bests, I think Indian Film Industry is without a doubt the largest in the world.
But in terms of its contribution to GDP or the total market value it doesn't add so much, one of the major reasons being the low ticket prices due the low affordability ratio in the country. Even with 7 times more admission rates than the US and Canada combined, India still produces roughly 6 times less than their total value, which hurts the country more than anything. So even after having the prestigious tags of having the highest admissions in film theaters, India still doesn't quite compare to the US or China.
(Source: Film industry, Dadasaheb Phalke, Cinema of India)

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