AVGC-XR SECTOR
AVGC-XR SECTOR
IN NEWS
- Union Cabinet approved the establishment of National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR).
- NCoE will be set up in Mumbai as a Section 8 Company (Non-Profit Organization) under the Companies Act, 2013.
- NCoE will offer specialized training-cum-learning programs, foster R&D and function as an incubation centre.
ABOUT AVGC-XR SECTOR
- Industry currently employs 2.6 lakh people and is expected to create 23 lakh direct jobs by 2032.
- Revenues are expected to cross $26 billion by 2030, up from $3 billion currently.
- Challenges: Lack of standardization, lack of skilling and vocational training centres, etc.
POLICY FRAMEWORK
- To unleash the scope of the AVGC sector, Union Budget 2022-23 announced for setting up of an AVGC Promotion Task Force to recommend ways to realise and build domestic capacity for serving Indian markets and the global demand.
- Collaborative efforts between industry bodies like FICCI, ABAI (Association of Bangalore Animation Industry), SAIK (Society of AVGC Institutions in Kerala), and government entities are underway to formulate robust policies tailored to each state.
- States like Karnataka, Maharashtra, and Telangana have already implemented proactive measures to support the sector's growth.