Karnataka releases new AVGC policy to guide growth of sector till 2029
The Hindu
Karnataka government releases updated policy for AVGC-XR sectors aiming to foster growth and attract investments.
The Karnataka government on Wednesday (Jan 31) released an updated policy for Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) that will guide the growth of the sector until 2029.
The AVGC-XR industry has seen unprecedented growth in the last few years, becoming an integral part of the broader technological landscape, said Priyank Kharge, Minister for Rural Development and Panchayat Raj, and IT & BT.
As per the most recent data, India’s IT-BPM (business process management) sector contributed 8% to the national GDP and 25-30% to Karnataka’s Gross State Domestic Product (GSDP). “This existing technological prowess provides Karnataka with a strategic advantage in embracing and advancing in the AVGC-XR sectors and therefore this new policy to further growth,’‘ said the Minister while unveiling draft policy at GAFX 2024.
As per the draft, the State proposes to set up Centres of Excellence and innovation hubs across the State. These centres are expected to create a collaborative environment involving academia, the private sector and government agencies. They would also serve as focal points for skill development, fostering innovation, and translating research into market-ready products and services.
“The policy includes a range of fiscal incentives, a streamlined regulatory environment, and the development of cutting-edge infrastructure,’‘ he added.
The objective is to provide a nurturing and enabling setting that allows both startups and established companies to flourish, ensuring that Karnataka becomes a prime destination for investments in these sectors, he further said.
According to Mr. Kharge, countries like Japan, South Korea, and Singapore have set global benchmarks in the development of AVGC-XR sectors by establishing dedicated centres of excellence and innovation hubs and facilitating public-private partnerships. Their focus on integrating these sectors into mainstream industries has led to technological advancements that have implications far beyond entertainment — ranging from healthcare and education to real estate and manufacturing.
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