Formation of NCoE for Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) follows the 2022-23 budget announcement, which proposed the creation of an AVGC task force.
- It will boost the creative economy in India.
Features of NCoE
- It will be set up as a Section 8 Company under the Companies Act, 2013.
- Provisionally named the Indian Institute for Immersive Creators (IIIC).
- It will function as an incubation center for nurturing startups in the AVGC-XR field.
Benefits
- Exponential growth potential: e.g. animation industry in India has a growth rate of 25% and has an estimated value of ₹46 billion (2023) (as per FICCI-EY Report 2023).
- Playground of various immersive technologies. e.g. Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR) and 3D modeling.
- Creation of indigenous intellectual property (IP): for both domestic consumption and global outreach and nurturing of the future of India’s digital creative economy.
- Employment Opportunities: It is expected to generate 5,00,000 jobs with an integrated focus on education, skilling industry, development, innovation
- Enhance India's soft power globally and attract foreign investment.
About Creative Economy
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