Proposed AVGC Policy to Revolutionize Indias Animation, VFX, Gaming, Comics Industries

The proposed policy related to animation, visual effects, gaming, and comics (AVGC) is poised to transform India's media and entertainment landscape. According to Sanjay Jaju, Secretary in the Ministry of Information and Broadcasting, the policy will facilitate investments, foster innovation, and contribute to building world-class infrastructure in the country. Unveiled at the inaugural session of the 24th edition of Ficci Frames, the policy aims to create a conducive environment for the industry to thrive.

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Digital Media Poised to Overtake Television

A FICCI-EY report released at the event predicts that digital media will potentially surpass television as the leading segment in the media and entertainment sector by 2024. With an estimated size of Rs 75,100 crore, digital media's growth is attributed to the increasing availability of online content.

AVGC Policy to Drive Skill Development, IP Protection, and Infrastructure

The AVGC policy, currently in its advanced stages, will focus on skill development, intellectual property protection, and world-class infrastructure. The government plans to establish a national center of excellence for animation, VFX, and extended reality, along with incubation centers to support the industry's growth.

Government's Focus on Attracting Foreign Filmmakers

Recognizing the importance of the media and entertainment sector in shaping society and influencing perspectives, the government aims to attract foreign filmmakers to shoot in India. A scheme for providing incentives to foreign filmmakers has been announced, and co-production treaties have been signed with multiple countries to encourage international collaborations.

Rapid Growth of the Animation and VFX Industry

The animation and VFX industry in India has witnessed steady growth, reaching Rs 114 billion in 2023. It is projected to grow at a CAGR of 17.5% by 2026, reaching Rs 185 billion. This growth is driven by the increasing demand for animated content and visual effects in various sectors.

Digital Media Segment Driving M&E Sector Growth

The media and entertainment sector in India is experiencing significant growth, with the digital media segment leading the charge. The accessibility of content through affordable smartphones and data has fueled the growth of digital media, which is witnessing a 30% year-on-year increase. The OTT segment, in particular, has seen remarkable growth, with close to 60 platforms in the country, many of which offer regional language content. The OTT segment is currently valued at Rs 10,000 crore and is attracting foreign investments due to the growing demand for Indian content.

M&E Sector as a Contributor to India's Soft Power

The media and entertainment sector plays a crucial role in promoting India's soft power and enhancing its global standing. The government, along with state governments, is implementing various initiatives to support the sector. Reforms in the TV broadcasting sector and incentives for foreign filmmakers are aimed at attracting investments and showcasing India's cultural heritage and creative talent on the international stage.

The proposed AVGC policy and the government's focus on the media and entertainment sector hold immense potential for driving economic growth, fostering innovation, and showcasing India's soft power. By creating a conducive environment for the industry to thrive, India can capitalize on the opportunities presented by the digital age and emerge as a global leader in the media and entertainment landscape.