Budget 2022: An AVGC task force, for the promotion of animation, visual effects, gaming, and comics, will be set up in the country, Finance Minister Nirmala Sitharaman said during her presentation of the Union Budget. "Animation, Visual Effects, Gaming, and Comics (AVGC) task force will be set up to build domestic capacity to serve our markets and global demand,” she said.
The task force will focus on building domestic capacity to help serve both Indian and global markets in the aforementioned sectors. The Finance Minister added that the sector offered immense potential to employ youth.
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The announcement was welcomed by the industry. “The AVGC Task force is a huge step by the Government to promote the sector. We wholeheartedly welcome it,” said FICCI AVGC-XR Forum co-chairman Munjal Shroff.
In a recent report, the Confederation of Indian Industry (CII) and Boston Consulting Group (BCG) had projected that India’s media and entertainment industry, which is currently valued at $27 billion, would grow to a $55 - 70 billion industry by 2030. It also said that the industry's next phase of growth will be led by OTT, gaming, VFX and animation.
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