New Delhi: In a bid to serve the Indian market as well as meet global demand, while presenting the Union Budget 2022-2023 Finance Minister Nirmala Sitharaman on Tuesday announced that an Animation, Visual Effects, Gaming, and Comics (AVGC) task force will be set up as these areas hold a lot of potential to employ the youth. FM Sitharaman unveiled the Budget for the fiscal 2022-2023 today (February 1).
"An AVGC promotion task force, with all stakeholders, will be set up to recommend ways to realise this and build domestic capacity for serving out markets and the global demand," Sitharam announced while presenting the Budget.
The AVGC promotion task force will work with all stakeholders to recommend ways to realise the objective and build domestic capacity to serve the country's markets and meet global demands. The central government has been intending to help this sector grow for some time. Earlier in 2020, the Ministry of Information and Broadcasting had said it would set up AVGC Centre of Excellence in the wake of the belief that gamification and animation will become a major export for India and also become a wealth generator.
For this purpose, the maiden AVGC Centre of Excellence was launched in the country in Bengaluru last month.
According to an EY-AIGF report, the Indian online gaming sector is soaring exponentially and is currently valued at $1.8 billion and is expected to reach $4-5 billion by 2025. Even as the US and China are bigger gaming markets, India’s gaming sector is growing faster at a CAGR of 38 per cent, according to a report by VC firm Sequoia and management consulting company BCG.