Centre okays National Centreof Excellence to boost AVGC-XR sector
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
The Cabinet on Wednesday approved the establishment of the National Centre of Excellence (NCoE) for animation, visual effects, gaming, comics and extended reality (AVGC-XR) sector, as it aims to advance the creators’ economy to ensure economic growth and employment opportunity.
The NCoE will be set up in Mumbai, which is in pursuance to the budget announcement for setting up of an AVGC task force in the country.
The Cabinet approved the establishment of the NCoE as a Section 8 company under the Companies Act, 2013 in India with Federation of Indian Chambers of Commerce & Industry (FICCI) and Confederation of Indian Industry (CII) representing the industry bodies as partners with the government.
The NCoE will be set up in Mumbai, Maharashtra and is in pursuance to the Union Minister for Finance and Corporate Affairs’ budget announcement for 2022-23 for setting up of an AVGC Task Force in the country.
Along with offering specialised training-cum-learning programmes to equip both amateurs and professionals with the latest skill sets in cutting-edge AVGC-XR technologies, the Centre will also foster research and development and will bring together experts from various fields like computer science, engineering, design and art that can lead to major breakthroughs in the field of AVGC-XR.
The Centre will also focus on creation of India’s IP for both domestic consumption and global outreach, overall leading to creation of content based on India’s rich historical and cultural heritage.
“Further, the NCoE will function as an incubation centre by providing resources for nurturing startups and early-stage companies in the AVGC-XR field. Also, NCoE will serve not only as an academic accelerator but also a production/ industry accelerator,” said the Ministry of Information the Broadcasting.
AVGC-XR sector includes filmmaking, over-the-top (OTT) platforms, gaming, advertisements and several other areas including health, education and other social sectors thereby encompassing the overall structure of the country’s growth story.
The online gaming sector’s contribution to the AVGC industry is projected to rise from 41 per cent in 2019 to a staggering 68 per cent by 2026. With more than 455 million gamers, India boasts the second-largest gaming community globally after China.
The NCoE for AVGC-XR will also 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 and entertainment sector.
