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The Indian government on Tuesday announced the setting up of a task force to recommend steps for promotion of the animation, visual effects, gaming, and comic (AVGC) sector.
The sector offers immense potential to employ youth, Finance Minister Nirmala Sitharaman said in her Budget speech Tuesday, PTI reported.
“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,” she said.
According to a BCG-Sequoia India report on the Indian gaming industry, released November 2021, this sector itself is generating $1.5 billion in revenues and by 2025 is projected to grow to over $5 billion, riding the “mobile first” phenomenon.
Commenting on the announcement, Jehil Thakkar, partner and media and entertainment sector leader, Deloitte India, said the move will help India achieve its potential of 20,000,00 jobs in the sector according to Deloitte projections.
“These are critical skills for growth of the metaverse and India is poised to take advantage of this ecosystem,” he said.
The All India Gaming Federation (AIGF), an industry lobbying body of gaming companies, also welcomed the government’s proposal.
“The proposed setting up of an #AVGC task force will give a major boost to the domestic #gamingsector @aigf,” AIGF CEO Roland Landers tweeted, adding, “extension of #taxincentives for #startupsis a very positive move. 300 plus #startups from the #onlinegamingindustry will benefit #onlineskillgaming @aigfmumbai #budget2022.”
According to a tweet put out by chamber of commerce CII’s Biren Ghose, Vice Chair-CII M&E Committee and India Country Head for Technicolor, “Delighted that GoI has agreed to set up #AVGCtaskforce, will provide strategic direction. Grateful to @MIB_India & @FollowCII for championing this initiative. We will work with GoI to achieve growth in revenue, jobs & global market share.”
Vishal Gondal, considered by some as the father of Indian gaming industry having started a gaming company when people did not give much importance to the sector, and founder of @ncore_games,@ice_spice and indiagames (now Disney), tweeted: “#Budget2022 promising & forward looking. The animation, visual effects, gaming and comic (AVGC) is a growing industry & has huge potential to employ youth. idea of looking within to build domestic capacity is a good move to boost the talent & content pool #gaming @nCore_games.”
Earlier at several media conferences and events, MIB Secretary Apurva Chandra had stated that the government was working on promoting the AVGC sector and that his ministry had been tasked to draw up a development roadmap.
