The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the establishment of the National Centre of Excellence (NCoE) for animation, visual effects, gaming, comics and extended reality (AVGC-XR) as a Section 8 Company under the Companies Act, 2013 in India.
The industry bodies FICCI (Federation of Indian Chambers of Commerce & Industry) and CII (Confederation of Indian Industry) will stand as partners of the Government of India to set up the NCoE in Mumbai. FICCI and CII are following up on the announcement of setting up an AVGC Task Force in the country, made by the Union Minister for Finance and Corporate Affairs in the 2022-23 budget.
AVGC-XR sector today plays an indispensable role in the media and entertainment industry. This vast sector includes filmmaking, OTT platforms, gaming and advertising, relevant across areas like health, education and social sectors. With rapidly evolving technology and increasing internet penetration coupled with cheap data rates, the AVGC-XR sector is poised to grow at an exponential pace globally.
Serving as an anchor to the AVGC-XR ecosystem, the NCoE will offer specialised training-cum-learning programs to equip both amateurs and professionals with the latest skill sets in cutting-edge AVGC-XR technologies. The centre will foster research and development, bringing together experts from various fields like computer science, engineering, design and art.
This NCoE will focus on creating local IPs rooted in Indian culture, for both domestic and global markets. It will function as an incubation centre, providing resources for nurturing startups and early-stage companies. The centre will serve as an accelerator for not only the academic but also production sectors.
Positioning this NCoE as the driving force for the growth of AVGC-XR industry will serve as one of the major sources of employment for the youth across the country. It will give an enormous push to the creative arts and design sector and make India the hub for AVGC-XR activities, furthering the goals of the Atmanirbhar Bharat Initiative.
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 M&E sector.