Digital advertising and gaming, which grew by 44.5 per cent and 22.4 per cent respectively in 2014, are projected to drive the growth of this sector in the coming years.
The Economic Survey presented by Finance Minister, Arun Jaitley who holds the Information and Broadcasting portfolio as well said the animation, visual effects, gaming and comics (AVGC) sector is estimated at around Rs 4490 crore in 2014.
The sector will grow at an estimated projected growth of 13 per cent.
In order to address the issue of skilling in the animation, gaming and visual effects sector, the government is in the process of setting up a National Centre of Excellence in Animation, Gaming and Visual Effects (NCOE).
At the outset, the Survey said the Indian media and entertainment industry has recorded unprecedented growth over the last two decades, making it one of the fastest growing industries in India.
According to a report by FICCI-KPMG, the Indian media and entertainment industry grew by 11.7 per cent to Rs 1026 billion in 2014 from Rs 918 billion in 2013 and it is projected to grow at a CAGR of 13.9 per cent to reach Rs 1964 billion by 2019.