AVGC Sector logs growth of 9%; 3 lakhs Cr expected till 2024

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The Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Shri Piyush Goyal today virtually addressed the valedictory session of the 2nd edition of CII Summit FX 2021 – Global Animation, Visual Effects, Gaming and Comics (AVGC) & Immersive Media Summit.

While addressing, Union Minister Piyush Goyal said that AVGC is growing at 9% & expected to reach ~Rs 3 lakh crore (US$ 43.93 bn) by 2024 (CAGR of 13.5%), and also mentioned that this sector has the potential to become the torchbearer of “Create in India” & “Brand India”.

Shri Goyal further said that the AVGC sector has channelized the creative energy of our youth during the pandemic and it has the power to project India’s creativity globally, and AVGC in India can expand in Multiple Dimensions due to our Multilingual & Multicultural Society while we must focus on making content that has a local flavor with an international appeal. He said in the Spirit of “Local goes Global: Make in India for the world”, the AVGC sector must look beyond boundaries to reach new horizons.

Also, the movies such as Star Wars, Avengers, Matrix must serve as an inspiration for the next generation of the AVGC Industry of India.

Shri Piyush Goyal further said that from Pre-Production to Post-Production AVGC sector can bring Cost Competitiveness & Efficiency at each touchpoint.

The production cost in India is 1/3rd-1/4th of Western countries and ~25% of Southeast Asian counterparts.100% FDI is allowed in major segments of the industry and global players are exploring opportunities in India.

However, India’s animation studios have worked with international players such as Disney, Warner Brothers &Dream works and the talented artists have been part of many international award-winning works. Innovation is intrinsic which must lead to inclusive growth of the sector. He mentioned that with NEP 20 Universities can tailor educational programs to train & create talent for the industry and urges industry to ensure skill development & building competitiveness by imparting vocational training and technical education in this field as India has the Talent, Capacity & Capability to cater to the growing demand of professionals.

Shri Goyal further those Global investments have risen along with demand for talents in animation & VFX and informed that 11 AV/ Gaming units have a presence in SEZs also.

The stakeholders must take full advantage of this opportunity to lower the cost of production. India is the world’s most youthful nation, and with such youth, power cannot dream small. All stakeholders need to come together to grow India’s AVGC sector.

Shri K Madhavan, Chairman, CII National Committee on Media & Entertainment and Country Manager and President, Star India & Disney India and; Mr. Biren Ghose, Vice Chairman, CII National Committee on Media & Entertainment, Chairman of CII Sub-Committee on AVGC, and Country Head for India, Technicolor; Mr. Chandrajit Banerjee, Director General of CII Present on the dais – Mr. Sam Balsara, Co-Chair, CII Sub Committee on Advertising and Founder, Chairman and Managing Director Madison World India; Mr. Blaise Fernandes, Chairman, CII Sub-Committee on Music & Radio and President, The Indian Music Industry (IMI) were also present on this occasion