Union Cabinet Approves National Centre of Excellence (NCoE) for AVGC-XR

Posted 30 Sep 2024

2 min read

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

It is an evolving concept based on creative assets potentially generating economic growth and development.
Essentially it is knowledge-based economic activities upon which ‘creative industries’ are based.
- Creative industries are cycles of creation, production and distribution of goods and services that use creativity and intellectual capital as primary inputs.
It is a $30 billion industry in India and responsible for employment of nearly 8% of India’s working population.