As weary politicians and film stars campaigning for them return to roost after hectic months of electioneering and await the results of the parliamentary polls, the Hindi film industry is poised for some fundamental changes.

These elections had a colorful palette of film folks, particularly stars, joining the contest to enter the Look Sabha. Among the most noticeable were first-timers Govinda, Smriti Irani, Dharmendra and Nafisa Ali and veterans like Vinod Khanna, Shatrughan Sinha, Hema Malini and Jayaprada.

"One of the immediate outcomes of the film industry folks and the powers that be working together should translate into more favorable policies, schemes and concessions towards the industry," said a trade analyst.

Some even hope the contacts that the star candidates and campaigners had with the common man would inspire better cinema that has more sense and sensibility.

India's film industry churns out an average 800 films each year, compared to America's 100, making it the world's most prolific film-producing country. But it desperately wants to increase its market share of $3.5bn in a $300bn industry.

There are just 12 cinemas for one million people in India compared to 116 for a million in America.

Bollywood achieved industry status recently due to proactive lobbying by veteran filmmakers. But the trade continues to be plagued by lack of support from financial institutions and allegedly survives on investment by underworld dons.

"We will be able to rid our industry of many problems like high entertainment taxes and weak laws governing piracy if we work closer with the administration and are able to prove that films make good investment sense," said veteran producer Yash Chopra.

The Indian entertainment industry has the potential of becoming the next booming sector after IT, according to reports by consultancy firm Arthur Andersen, which has said the Indian entertainment industry has the potential to grow but stressed the government and state-controlled media needed to contribute.

The industry hopes to mirror the success of the IT sector that has become a major world player. At forums like the US-India Business Council conference there were warnings that India had to change some of its practices if is to achieve global recognition.

One of the main stumbling blocks, according to Nishith Desai, founder of a legal and tax consulting firm that presented a paper on the theme "Bollywood vs Hollywood", is the film industry's attitude to contracts.

The industry operates on verbal agreements or short, vague contracts. He said: "The lack of written contracts is probably one of the foremost reasons why Hollywood and Bollywood remain separated. Due to this informal practice, the players are often not conscious of their commitments and obligations."

Among those working on strategies to bring about a change in the sector is former bureaucrat N.K. Singh, who is working on a report on the venture capital for the industry. He was quoted as saying that the report will change the fate of Bollywood and shake the underworld.

The report has feedback from the likes of Subhash Ghai, Shekhar Kapur and Manmohan Shetty.

"We are looking into legitimate financing for Bollywood. We want to minimize the effect of the underworld in film financing. This will take Indian films to Hollywood.

"And our film industry will be free from many of its problems. We'll have legitimate financing and venture capital arrangement for the entertainment sector," he was quoted as saying.

Singh will submit his report when the new government is formed.

On the flip side, one question nagging everybody is that if all our starry campaigners are successful and find themselves in the next Lok Sabha, what will happen to their cinematic commitments?

A David Dhawan comedy without Govinda will be like a cake without icing and "Kyunki Saas Bhi Kabhi Bahu Thi" without Smriti Irani will be the end of the long-running soap.

The serial's director Deepak Chauhan is equally baffled when he says: "We don't know anything right now. We haven't thought about it. We have no back up."

Irani is contesting against Congress leader and lawyer Kapil Sibal from one of the country's smallest parliamentary constituencies -- Chandni Chowk -- in Delhi.