Union Cabinet Approves National Centre of Excellence (NCoE) for AVGC-XR | Current Affairs | Vision IAS
News Today Logo

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.
  • Tags :
  • Gaming
  • Creative Economy
  • AVGC Sector
  • Indian Institute for Immersive Creators
  • Animation
  • Visual Effects
  • Comics
  • Extended Reality
Watch News Today
RELATED ARTICLES