MUMBAI , India ( CNN ) -- Bollywood 's recent financial growth has been as dizzying as the swirling dancers , colorful costumes and pulsating music that typify the industry 's films . Mumbai 's once booming flamboyant Hindi-language film industry is hit hard , as overseas investment dries up . Foreign money has poured into Mumbai 's flamboyant Hindi-language film industry , which churns out more than 1,000 films each year . Twice as many films as Hollywood -- and for a fraction of the cost . But a financial drama has arrived on the movie sets and production suites of India 's largest city courtesy of the world economic downturn and a producer 's strike -- fewer films are being made ; less tickets are being sold and money is suddenly tight . `` It 's become more difficult now to green light films ; to be able to think of developing films , '' Nikhil Advani of People Tree Films who works as both a producer and a director told CNN . `` Today you think twice how you 're going to be able to put that thing together before you commit any money to it . '' It 's the new reality : Money that was gushing into the market from abroad to finance films a year and a half ago is now just trickling in . Production of Bollywood movies has only just resumed , having ground to a halt for seven weeks due to a producer 's strike . The strike is finally over , but money is still tight and this is affecting the number of films going into production . `` The number of movie projects has come down by almost 30 percent , '' Farokh Balsara , a partner at business consultants Ernst & Young told CNN . Balsara heads Ernst & Young 's media and entertainment division in Mumbai and looks at trends in the market . What 's more , after several years of fast-rising film revenues due to India 's exploding middle classes who were willing to spend , Bollywood finds itself back on a budget . If you do n't have a solid financial plan these days , getting funding for a film is nearly impossible . Throwing around a known filmmaking family name and getting a star signed up wo n't cut it anymore . `` The easy finance is a thing of the past , '' Balsara told CNN . Some producers are asking big name talent to take a cut in their pay or at least get paid on the `` backend . '' In other words , waiting until the movie releases -- if it does well you get a piece of the pie ; if not , you eat it . In some cases , accountants are actually on movie sets crunching numbers daily to make sure the budget is on target . `` They are getting into daily audits , '' Balsara said . The thought of an accountant on set might make some producers shudder , but many believe the slowdown has done Bollywood a favor . `` Is that a good thing or a bad thing ? '' says Advani of the changes the slowdown has forced on the way he produces upcoming films . `` I think it 's a very good [ thing ] . '' He currently has several in the works : an animated film in post-production called `` Ab Dilli Door Nahin '' and a gritty action-packed thriller `` Basra , '' named after the Mumbai street term for heroin . The slowdown has made Bollywood focus on making better , not more movies , according to Advani : `` I do n't call it a credit crunch , I call it a credit correction . `` I think what has happened is it 's corrected itself , because I think Bollywood or the Indian film industry was going absolutely crazy last year . '' Mairi Mackay contributed to this story .
The economic downturn and a producer 's strike have hit Bollywood financially . Foreign money pouring into Mumbai 's film industry a year ago is now pouring in . It 's harder to get funding for films , and accountants are on strike almost daily . Some critics are positive , saying Bollywood needs to make fewer , better films .