According to the reports industry experts welcomed the proposal by saying proposal could help in creating millions of jobs and fast track the growth of the sector.

The budget proposal is setting up an animation, visual effects, gaming and comics (AVGC) promotion task force to help the industry further consolidate its position in the media and entertainment industry.

“The AVGC task force will help India achieve its potential to generate two million jobs, according to our projections. These are critical skills for the growth of the metaverse, and India is poised to take advantage of this ecosystem,” says Jehil Thakkar, partner, Deloitte, India.

Manvendra Shukul, chief executive, Lakshya Digital says, “a firm that offers animation and visual effects for game developers in India, opined that the AVGC industry has great potential to offer a high number of jobs, thereby generating good revenues for India. The creation of the AVGC task force is among the first steps that need to be taken to capitalize on India’s inherent strength in this space. Selection of the right people from each of the segments of the AVGC industry will be key to the success of this much needed initiative.”

The potential to generate jobs by AVGC companies in India has been reflected previously as well, with gaming firms in the country ramping up hiring in 2020 — particularly after the first wave of the pandemic.

As per November 2021 report by the India Brand Equity Foundation, the sector is growing at a brisk pace and is expected to touch the $ 4 billion mark by 2023 from nearly $ 2 billion in 2020, primarily on the back of rising demand from the gaming and over-the-top video streaming platforms.

Reports suggest that, the media and entertainment sector was worth $18.64 billion in 2020, with online gaming and visual effects accounting for $1.11 billion and $745.6 million, respectively, it was projected to grow to $29.81 billion by 2023, with online gaming and visual effects contributing $2.09 billion and $1.79 billion, respectively, outpacing the average growth of the media industry.

Sai Srinivas, chief executive, Mobile Premier League says, “the task force can help develop deep tech intellectual property to service export demand. A progressive tax regime, predictable regulatory framework and supportive funding policies will allow the industry to compete on the world stage. It will also help develop a workforce of young and employable AVGC professionals.”