2023-26: India's AVGC-XR industry projected to grow from $1.3bn to $2.2bn, creating 160,000 jobs annually.

India's Animation and VFX (AVGC) industry is projected to grow from $1.3bn in 2023 to $2.2bn by 2026, according to a CII-GT report. The AVGC-XR sector, including animation, visual effects, gaming, comics, and extended reality, currently makes up about 20% of India's media and entertainment industry and is anticipated to expand further. The report calls for the quick implementation of the National Draft Policy Framework for AVGC-XR and suggests enhanced intellectual property rights, clear regulatory definitions in the gaming industry, and strategic investments in the National Centre of Excellence to foster innovation and global competitiveness. This growth is expected to create over 160,000 new jobs each year and potentially 20 lakh jobs by 2030.

August 21, 2024
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