AVGC Promotion Task Force Report - PIB - 27/12/22

Context:
Government has received the report of the Animation, Visual Effects, Gaming and Comics (AVGC) Promotion Task Force.
Relevance:
GS2;GS3
About:
->Main Recommendations:
-Domestic Industry Development for Global Access
-Developing Talent Ecosystem to realize Demographic Dividends
-Enhancing Technology & Financial Viability for Indian AVGC Industry
-Raising India’s Soft Power through an Inclusive Growth

->Status of AVGC Sector of India:
-The AVGC sector in India has witnessed unprecedented growth rates in recent times, with many global players entering the Indian talent pool to avail offshore delivery of services.
-Further, the Media and Entertainment (M&E) Industry is expected to grow at an 8.8% CAGR by 2026.
As per the experts, within the M&E Industry, the AVGC sector can witness a growth of 14-16% in the next decade.

->Challenges with the AVGC Sector:
-Lack of Authentic Data
-Skill Gap in Education and Employment sector
-Infrastructure Constraints
-Less focus on Research Development
-Absence of an AVGC Academic Reference Point
-Lack of Globally-Popular Indian IPs

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