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Informist, Wednesday, Sep 18, 2024

 

NEW DELHI – The Union Cabinet today approved the establishment of the National Centre of Excellence for Animation, Visual Effects, Gaming, Comics and Extended Reality in Mumbai, Maharashtra. The national centre will be a Section 8 company under the Companies Act, 2013 with the Federation of Indian Chambers of Commerce & Industry and the Confederation of Indian Industry representing the industry bodies as partners with the Indian government.

 

Section 8 allows the registration of non-profit companies in India that promote social welfare, arts, commerce, education, charity, environmental protection, sports, science, and research. These companies are exempted from paying stamp duty and enjoy certain tax exemptions. 

 

The government today said that the animation, visual effects, gaming, comics and extended reality sector plays an indispensable role in the entire realm of media and entertainment, including filmmaking, over the top platforms, gaming, advertisements and several other areas, thereby encompassing the overall structure of the country's growth story.

 

With rapidly evolving technology and increasing internet penetration across the country, coupled with one of the cheapest data rates, the use of animation, visual effects, gaming, comics and extended reality globally is poised to grow at an exponential pace.

 

According to a report by The Economic Times on Jun 14, the National Centre will be built in Film City, Mumbai, where the Maharashtra government has allotted 10 acres for the project costing more than 10 bln rupees. In 2022, a report by the Animation, Gaming task force had estimated the global market size of the animation, visual effects, gaming, comics and extended reality sector at around $800 bln.

 

With the right set of interventions, India has the potential to capture 5% or about $40 bln of the global market share by the year 2025, with an annual growth of around 25-30% and create over 160,000 new jobs annually, the task force said.

 

The national centre will act as the pinnacle institution to anchor the animation, visual effects, gaming, comics and extended reality ecosystem in the country, the government said today. The Centre will offer specialised training-cum-learning programmes to equip both amateurs and professionals with the latest skill sets in cutting-edge animation, gaming and other related technologies, said the government.

 

The national centre will also foster research and development and will bring together experts from various fields like computer science, engineering and design, which can lead to major breakthroughs in animation, gaming and other related fields, the government added.

 

Further, the national centre will also extensively focus on creation of India's intellectual property for both domestic consumption and global outreach, overall leading to creation of content based on its rich historical and cultural heritage, said the government. The national centre will function as an incubation centre by providing resources for nurturing startups and early-stage companies in the given field, it added.

 

The government said that by positioning this national centre as the driving force for the growth of animation, gaming and other related technology industries, it will serve as one of the biggest sources of employment for youth from all parts of the country. The national centre will position India as a content hub for providing state-of-the-art content thereby enhancing India’s soft power globally and attracting foreign investment into the media & entertainment sector, it added.  End

 

US$1 = 83.75 rupees

 

Reported by Surya Tripathi

Edited by Aditya Sakorkar

 

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