Mumbai - The Union Budget presented on Wednesday was not substantial for Entertainment Industry. No new laws were formed in regard to the entertainment industry. The business is suffering from past many years due to piracy. Centre has done nothing to curb the piracy in the industry. The Foreign Investment Promotion Board (FIPB) will be abolished and a new framework will be regulated. In order to encourage greater fund flows into the economy, the FM has announced the abolition of the FIPB. While a clear policy outline is yet to be revealed, this is another positive step to liberalize FDI policy framework and ease regulatory hurdles in attracting investments.