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.