AVGC growing at 9 % and expected to reach US$ 43.93 bn by 2024: Union Minister Piyush Goyal
New Delhi: The Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Piyush Goyal today virtually addressed the valedictory session of2nd edition of CII SummitFX 2021 – Global Animation, Visual Effects, Gaming and Comics (AVGC)& Immersive Media Summit. In his keynote address, Union minister Piyush Goyal said that AVGC is growing at 9% & expected to reach ~Rs 3 lakh crore (US$ 43.93 bn) by 2024 (CAGR of 13.5%). The Minister said that this sector has the potential to become the torchbearer of “Create in India” & “Brand India”.
Goyal further said that the AVGC sector has channelized the creative energy of our youth during the pandemic and it has the power to project India’s creativity globally. He said AVGC in India can expand in Multiple Dimensions due to our Multilingual & Multicultural Society and we must focus on making content that has a local flavour with an international appeal. He said in the Spirit of “Local goes Global: Make in India for the world, AVGC sector must look beyond boundaries to reach new horizons. He said movies such as Star Wars, Avengers, Matrix must serve as an inspiration for the next generation of the AVGC Industry of India.
Piyush Goyal further in his address said that from Pre-Production to Post-Production AVGC sector can bring Cost Competitiveness & Efficiency at each touchpoint. Goyal said that production cost in India is 1/3rd-1/4th of Western countries and ~25% of our South East Asian counterparts. Goyal said that 100% FDI is allowed in major segments of the industry and global players are exploring opportunities in India.
Goyal added that India’s animation studios have worked with international players such as Disney, Warner Brothers & Dreamwork and our talented artists have been part of many international award-winning works. Innovation is intrinsic to us but this intrinsic talent must lead to inclusive growth of the sector. He said with NEP 20 Universities can tailor educational programs to train & create talent for the industry. He urges the industry to ensure skill development & building competitiveness by imparting vocational training and technical education in this field as India has the Talent, Capacity & Capability to cater to the growing demand of professionals.
The Minister informed that even at World Expo in Dubai, our pavilion beautifully showcases India’s diversity, beauty, achievements, & opportunities through Animation & Visual graphics. The Story pavilion with dynamic facade (600 blocks with kinetic movements), will show ‘India on the Move’ with artistic formations & patterns.
Goyal said Global investments have risen along with demand for talents in animation & VFX. He said it has been informed that 11 AV/ Gaming units have a presence in SEZs also. He said all stakeholders must take full advantage of this opportunity to lower the cost of production.
In his concluding remarks, Goyal said as PM has said “India is the world’s most youthful nation. A nation with such youth power cannot dream small. We cannot commit this crime”.Our Youth will unleash a new age of creativity. All stakeholders need to come together to grow India’s AVGC sector.
K Madhavan, Chairman, CII National Committee on Media & Entertainment and Country Manager and President, Star India & Disney India and; Biren Ghose, Vice Chairman, CII National Committee on Media & Entertainment, Chairman of CII Sub-Committee on AVGC, and Country Head for India, Technicolor; Chandrajit Banerjee, Director General of CII Present on the dais – Sam Balsara, Co-Chair, CII Sub Committee on Advertising and Founder, Chairman and Managing Director Madison World India; Blaise Fernandes, Chairman, CII Sub-Committee on Music & Radio and President, The Indian Music Industry (IMI) were also present on this occasion
