Potential of Animation, Visual Effects, Gaming, and Comics (AVGC) sector in India:
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According to Sequoia India and BCG, India’s gaming business generates $1.5 billion in sales and is anticipated to triple to more than $5 billion by 2025.
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By 2030, the Indian media and entertainment industry is predicted to grow at a rate of nine to eleven percent compound annual growth rate (CAGR).
What is the Significance of AVGC sector in India?
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Young professionals will have a lot of opportunities in the AVGC sector and new job prospects will be created for them.
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The AVGC industry will transform India into a worldwide player in the interactive entertainment arena, resulting in a high talent pool of developers and creative artists.
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The rise of the start-up sector, together with the promotion of AVGC, will have a multiplier effect on the economy, resulting in an overall increase in GDP.
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Newer industry developments, such as metaverse and education digitization, could aid the AVGC sector’s growth in India and prepare it to lead global change.
Government Measures:
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AVGC Centre of Excellence (CoE):
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Announced by Ministry of Information and Broadcasting (MIB) in 2020.
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Karnataka government launched an AVGC Centre of Excellence (CoE) in Bengaluru consisting of a high technology digital media hub.
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AVGC Task Force: Union Budget 2022 announced the creation of a new task force for AVGC industry with the help of all stakeholders to look at various ways in which domestic capacity is built and serve the global demand in the sector.
Conclusion:
Gaming as an industry has been gaining popularity in the country in recent years, especially with the digital push. AVGC is best for job development since it focuses on creative content creation, which requires a lot of human capital and cannot be automated. An expansion of the credit line guarantee scheme will bring much-needed relief to the sectors impacted due to the pandemic.