Experts say the sector has potential to create 20 lakh jobs
In a bid to focus on job creation in the animation, visual effects, gaming and comic (AVGC) sector, the Centre will set up a task force of stakeholders that will recommend measures to strengthen the development of the sector. Experts said this will pave the way for structural interventions to boost the sector that has potential to create 20 lakh jobs.
In her budget speech, Finance Minister Nirmala Sitharaman said, “The animation, visual effects, gaming and comic (AVGC) sector offers immense potential to employ youth. An AVGC promotion task force with all stakeholders will be set-up to recommend ways to realize this and build domestic capacity for serving our markets and the global demand.”
“The step announced to build domestic capacity for Animation, Visual-Effects, Gaming and Comics segment will certainly help enhance capabilities, enabling the country to compete more effectively at a global stage said, “ Punit Goenka, MD & CEO, Zee Entertainment Enterprises Ltd.
Formal sector status
Jehil Thakkar, Partner and Media & Entertainment sector Leader, Deloitte India said there is potential to create 20 lakh jobs in the sector which currently employs about 1.7 lakh-1.8 lakh people and the task force is a step in the right direction. “These are critical skills for growth of the Metaverse and Web3.0 and India is poised to take advantage of this ecosystem. Several key structural interventions can help to promote the growth of the sector. The AVGC sector should be given the formal industry status and focus should be put on development of infrastructure for training talent in the required skill-sets,” he said. Thakkar added that the government should promote AVGC exports and there should be reduction in taxes and duties on equipment used for the AVGC sector.
VFX and animation market
According to a report released by CII-BCG in December, India accounts for less than 10 per cent of the global market share in the VFX and animation industry and has the potential to increase its global share up to 20-25 per cent in the coming years. The report stated that post a difficult 2020, the Indian VFX and Animation market bounced back with a growth of 30-50 per cent with its size estimated to be in the range of $ 0.9- 1.1 billion in 2021.
The Centre is developing a National Centre of Excellence for AVGC for creating a strong talent pool in India in collaboration with the IIT Bombay. States such as Karnataka, Telangana and Maharashtra have also set up policies to promote AVGC sector.
Lokesh Suji, Director, Esports Federation of India & Vice President of the Asian Esports Federation (AESF) , “It is encouraging to finally see the seriousness from our Government towards this sector which has been long neglected. This will definitely help in setting up the policies which would encourage and build our capacities and capabilities to export to the rest of the world; leading to more domestic video game development studios and more investments in the AVGC sector.”
Published on
February 01, 2022
