Goyal highlights the Spirit of “Local goes Global: Make in India for the world”
Global players are exploring opportunities in India since 100% FDI is allowed in major segments of the animation, visual effects and comics sector (AVGC) which is growing at 9% and is expected to reach ~Rs.3 lakh crore (US$43.93 billion) by 2024 or recording a compounded annual growth rate (CAGR) of 13.5%, Commerce and Industry Minister Piyush Goyal told a virtual conference on 28 Aug 2021.
The AVGC sector can bring Cost Competitiveness and Efficiency at each touchpoint from pre-production to post-production. Production cost in India is on-third to one-fourth of that is in the Western countries and ~25% of that is among the South East Asian counterparts, observed the Minister.
As such, the sector has the potential to become the torch bearer of “Create in India” and “Brand India”, he said at the valedictory session of 2nd edition of the ‘CII SummitFX 2021 – Global Animation, Visual Effects, Gaming and Comics (AVGC) & Immersive Media Summit’.
“The AVGC sector has channelised the creative energy of our youth during the pandemic and it has the power to project India’s creativity globally,” he noted, adding that the sector can expand in Multiple Dimensions due to India’s Multilingual & Multicultural Society. “We must focus on making content that has a local flavour with an international appeal.”
He also highlighted that in the Spirit of “Local goes Global: Make in India for the world”, the AVGC sector must look beyond boundaries to reach new horizons. Movies such as Star Wars, Avengers, Matrix must serve as an inspiration for the next generation of AVGC Industry of India.
India’s animation studios have worked with international players such as Disney, WarnerBrothers & Dreamworks while the country’s artists have been part of many international award-winning works.
“Innovation is intrinsic to us but this intrinsic talent must lead to an inclusive growth of the sector.”
He urged NEP 20 Universities to tailor educational programs to train and create talent for the industry and ensure skill development and building competitiveness by imparting vocational training and technical education in this field. India, he stressed, has Talent, Capacity and Capability to cater to the growing demand of professionals.
Global investments have risen along with demand for talents in animation and video effects (VFX), noted Goyal, calling on stakeholders to take full advantage of this opportunity to lower the cost of production.
The virtual summit showcased cutting edge of content and technology in the Media & Entertainment industry. It was organized by the CII National Sub-Committee on AVGC and Immersive Media 25-29 Aug 2021. #technology #investment #projects /fiinews.com
