AVGC SECTOR

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• In the Budget 2022-23, the government announced to set up ‘Animation, Visual Effects, Gaming and Comics’ (AVGC) task force to “build domestic capacity to serve Indian markets and global demand.”
• Earlier, the Karnataka High Court delivered a judgement striking down major portions of the Karnataka Police (Amendment) Act, 2021 which banned online gambling and skill-based gaming platforms.
• In 2021, the Ministry of Information and Broadcasting in collaboration with IIT Bombay decided to form a Centre of Excellence in gaming and other related areas.

Importance of the AVGC Sector

• It will prepare India to play a larger role in building Metaverse, help in catering to the Indian market and in meeting global demand.
• A metaverse is a network of 3D virtual worlds focused on social connection and it can be defined as a simulated digital environment that uses Augmented Reality (AR), Virtual Reality (VR), and blockchain, along with concepts from social media, to create spaces for rich user interaction mimicking the real world.
• It could also open up new avenues for players and platforms as well as formalise game art education since most in the industry learn experientially.

Contribution in Revenue:

• The number of gamers in India grew to about 400 million by mid of 2020 from about 250 million gamers at the end of fiscal year 2018-19.
• This makes it the second largest base of online gamers in the world after China.
• Online casual gaming, which forms a large chunk of the total gaming revenue, is projected to grow at a Compound Annual Growth Rate (CAGR) of about 29% over the next four years to reach revenues of Rs 169 billion by FY25.
• The potential for job opportunities in the AVGC sector is humongous.
• The number would vary between around 70,000 to 1.2 lakh job opportunities for the entire space.What are issues with the AVGC Sector?

Way Forward

• There needs to be an equal amount of Central and State participation to ensure regulatory clarity comes out in this space.
• The task force should look into aspects such as how to build capacities, how to embed this into education systems to build more future capabilities.

SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT