The Animation, Visual Effects, Gaming, and Comics (AVGC) industry is emerging as a rapidly expanding segment within the Media and Entertainment (M&E) sector. Currently, AVGC accounts for one-fourth of India's M&E industry, standing at $3 billion and is projected to experience a tenfold increase, upto $30 billion in the next 4-5 years, according to Sanjay Jaju, secretary of the Ministry of Information and Broadcasting, Government of India.
Speaking at the Indian Gaming Convention, he added that the the AVGC-XR sector is a major focus for the government initiatives, as it plans on bringing supportive policy frameworks, financial incentives, and dedicated training programmes aimed at preparing India’s youth for advanced technologies like virtual reality (VR), augmented reality (AR), artificial intelligence (AI), and 3D modeling.
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“The AVGC-XR sector is expected to become an important aspect of India's soft power, similar to the role of IT in previous decades. It has the capability to position India as a global leader in content creation and immersive technology. It can create direct employment opportunities for more than 20 lakh professionals in the coming 5 years,” he said.
Jaju emphasized that the Indian government views the AVGC-XR industry as a key driver of economic growth, particularly in media, entertainment, and emerging technologies. On September 18, the Union Cabinet approved the creation of the National Centre of Excellence (NCoE) for AVGC-XR. Similar to IITs and IIMs, the NCoE will strengthen India's animation ecosystem by offering specialized training and promoting research and development, bringing together experts from fields like computer science, engineering, design, and art.
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