The media and entertainment is one of the fastest growing sectors in India and the industry which is currently worth at $28 billion is poised to hit $100 billion by 2030, growing at a cumulative rate of close to 12% every year, said a top bureaucrat.
"If our country wants to grow at 8-9% as envisioned by the Hon’ble Prime Minister Narendra Modi, then M&E sector has to grow faster and with all great potential in the country, I am sure that this is possible," stated Ministry of Information and Broadcasting (I&B) Secretary Apurva Chandra, while speaking at a session on Animation, Gaming and VFX after inaugurating the ‘Media & Entertainment’ fortnight at the Indian Pavilion at Expo 2020.
Elaborating on the potential of Animation, Visual Effects, Gaming, and Comics (AVGC) sector, Chandra said: "India’s prowess has already been displayed in the IT sector throughout the world. Since AVGC sector is a mix of creative and technological expertise, India has a massive potential to showcase its brilliance."
"The government has also recognized the potential of M&E sector and has announced the creation of a task force soon that will formulate the AVGC policy to provide incentives, skills and training to our talented youth to do more in this particular area," he noted.
He pointed out that due to these reforms, India which is already considered the workshop of the world could grow further, he added.
Chandra said that Indian media & entertainment sector is looking forward to collaborating with the UAE and other global counterparts.
"The VFX industry is becoming an indispensable part of film making, and the exceptional work carried out by Indian studios has catapulted the country on to the global scene. The government incentives have also helped the sector in the form of subsidies, fiscal incentives, and the creation of local hubs and facilities," he noted.
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