2022-2023 annual budget revealed by the Government of India on 01.02.2022 has a section designated towards a special task force unlike any before, namely the AVCG Taskforce.
Indian Government’s First Step To Promote Gaming
Finance Minister Nirmala Sitharaman has announced a special task force aimed to promote the animation, visual effects, comic, and gaming (AVGC) industry in India.
This unit will focus on uplifting the talents residing in these fields, who will eventually cater to the global market given how referring to “AVGC” industry has seen immense growth in the past few years.
While addressing the House, the Minister said “AVCG industry offers immense potential as a form of entertainment and employment for the youth.”.
AVGC PROMOTION TASK FORCE
“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,” — said the Finance Minister.
The growth of the gaming industry in India has actively contributed to the increase in demand for products that go along, while most of such products are developed and produced internationally, the fact that they are in such extraordinary demand has produced an opportunity that will benefit future generations while contributing to the national economy.
The TaskForce will oversee the growth of these industries in India to gradually implement measures to increase domestic production that will sever at a national as well as in an international scale. Growth in this scale will translate to employment and economic growth while passive assisting other industries to thrive.
GAMING IN INDIA, FASTEST GROWING
India has established itself as one of the major players in the mobile gaming industry. With the current valuation of $930mn at a 41% growth per year, the sky is the limit for venturing into this space.
VC’s are jumping at any opportunities to fund Indian gaming startups. Said startups were valued at an estimated $350 mn between 2014-2020 and it is growing at a CAGR of 22%. The high internet penetration rate and low cost of the internet play a major role in driving the online gaming sector in India.
The untapped potential in the Indian Gaming industry is slowly coming up, and initiatives like the AVGC Taskforce are a massive step towards turning passion into a profession.
It will be interesting to see how govt takes it forward, since One State Govt already pledged to ban Gaming In India.
