AVGC SECTOR

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

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