During her fourth union budget announcement, Finance Minister Nirmala Sitharaman said in partnership with AICTE, the government will be setting up an Animation, Visual Effects, Gaming, and Comics (AVGC) task force with an aim to upskill and employ youth in the booming visual and animation sector.
According to Sitharaman, The AVGC task force will be set up to build domestic capacity to serve the Indian market and the global demand. “An AVGC promotion task force, with all stakeholders, will be set up to recommend ways to realize this and build domestic capacity for serving out markets and the global demand,” FM Nirmala Sitharaman said.
The All India Council for Technical Education is a statutory body, and a national-level council for technical education, that comes under the Department of Higher Education, will be responsible to shape up the syllabi for Urban Planning courses, Sitharaman said and added that the AVGC task force is going to seek recommendations to create the way forward.
All India Council for Technical Education (AICTE), India's Indian regulatory body for technical education, will be responsible to shape up the syllabi for Urban Planning courses, Sitharaman said and added that the AVGC task force is going to seek recommendations to create the way forward.
As per the report from Statista, India's animation and VFX industry was valued at around Rs 53 billion in 2020, with estimates of growth up to Rs 129 billion by 2023. Recording growth at a compound annual growth rate (CAGR) of around 35% for the industry in the measured time period.
According to the Boston Consulting Group (BCG) and Competition Commission of India (CII) report, the Indian animation and visual effects industry currently stands around 10% of the global market and has the potential to reach 20-25% by the year 2025.
"The setting up of the AVGC (Animation Visual Effects, Gaming & Comics) promotion task force announced in the Union Budget will help India achieve its potential of achieving 20 lakh jobs according to Deloitte projections. These are critical skills for the growth of the metaverse and India is poised to take advantage of this ecosystem," said Jehil Thakkar, Partner, and media and entertainment sector leader, Deloitte India.
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