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AVGC Growing At 9%, Likely To Reach Rs 3 Lakh Crore By 2024: Piyush Goyal

Goyal said that the AVGC sector has the potential to become the torchbearer of "Create in India" and "Brand India."

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Animation, Visual Effects, Gaming and Comics (AVGC) sector is growing at 9 per cent and expected to reach Rs 3 lakh crore (US$ 43.93 bn) by 2024, said Union Minister Piyush Goyal, on Friday, while virtually addressing the valedictory session of CII Summit FX 2021-Global. 

Goyal said that the AVGC sector has the potential to become the torchbearer of "Create in India" and "Brand India."

As per the official press release, Goyal said, "The AVGC sector has channelised the creative energy of our youth during the pandemic and it has the power to project India’s creativity globally. AVGC in India can expand in Multiple Dimensions due to our multilingual and multicultural society and we must focus on making content that has a local flavour with an international appeal. The Spirit of "Local goes Global: Make in India for the world," the AVGC sector must look beyond boundaries to reach new horizons. Movies such as Star Wars, Avengers, Matrix must serve as an inspiration for the next generation of the AVGC Industry of India."

The AVGC sector can bring Cost competitiveness and efficiency at each touchpoint in the pre-production to post-production.  

Goyal said, "Production cost in India is 1/3rd-1/4th of western countries and 25 per cent of our Southeast Asian counterparts.  100 per cent FDI is allowed in major segments of the industry and global players are exploring opportunities in India."

Talking about Indian animation studios, several had worked with international production houses like Disney, Warner Brothers, and Dreamworks. 

"Our talented artists have been part of many international award-winning works. Innovation is intrinsic to us but this intrinsic talent must lead to inclusive growth of the sector, Goyal added.  

Talking about the event, it was attended by K Madhavan, Chairman, CII National Committee on Media and Entertainment and Country Manager and President, Star India and Disney India, Biren Ghose, Vice Chairman, CII National Committee on Media and Entertainment, Chairman of CII Sub-Committee on AVGC and Country Head for India. Apart from that, Blaise Fernandes, Chairman, CII Sub-Committee on Music & Radio, and President, The Indian Music Industry (IMI) were also present on this occasion.


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piyush goyal AVGC sector