The Indian government today announced the setting up of a task force to recommend steps for the promotion of 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.
“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.
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 lakh jobs in the sector according to Deloitte projections.
According to a recent report by the Confederation of Indian Industry (CII) along with the Boston Consulting Group (BCG), in 2021, the Indian VFX and animation market bounced back by 30-50% post a difficult year in 2020 and was valued at $0.9 trillion-$1.1 billion. India commands around 10% share of the global VFX and animation market but has the potential to scale up to 20-25% through structural interventions, the report had said. In 2019-2020, the sector managed to create 45,000-60,000 jobs which can be scaled up to 75,000-120,000. The overall gaming market, on the other hand, is estimated at around $2 billion-$3 billion.