Budget 2022 on Gaming, Animation industry: Govt to set up TASK FORCE

Budget 2022 on Gaming: Finance Minister confirms setting up a task force for the animation and gaming industry.

| Updated on: Feb 01 2022, 15:55 IST
Budget 2022: Govt will set up a a task force to look after ASMC industry. (HT Tech)
Budget 2022: Govt will set up a a task force to look after ASMC industry. (HT Tech)

Budget 2022 updates: As part of the Union Finance Minister Nirmala Sitharaman's budget announcements, a lot of emphasis was laid on gaming and animation industry. As part of the budget announcement speech, the Finance Minister clarified that emphasis will be laid on the animation, visual effects, gaming, and comic promotion industry by setting up a task force. This group will recommend ways to serve the markets as well as global demand.

"Animation, Visual Effects, Gaming, and Comics (AVGC) task force will be set up to build domestic capacity to serve our markets and global demand,” Sitharaman said in her Budget 2022-23 announcement speech.

AVGC industry get attention this year

Sean Hyunil Sohn, Head- India Division KRAFTON Inc, says, "The Union Budget 2022 is forward looking and inclusive in nature, especially with India's video gaming industry set for tremendous growth in the coming years. We welcome the steps taken by the Government towards AVGC (Animation, Visual Effects, Gaming, and Comics) promotion task force and furthering the vision of a thriving gaming ecosystem in India. This move will definitely work towards fostering local innovation, boost employment and job creation, and create new opportunities for upskilling of talent, such as gaming as a career. We eagerly await the development of the taskforce and hope for the momentum to continue and believe that 2022 will be a great year for the Indian gaming ecosystem.”

“It is very encouraging to see that the Union Budget has taken into consideration some of the long-pending suggestions for the Animation, Visual Effects, Gaming, and Comics (AVGC) sector, while noting the strong potential this industry holds for employment-generation as well as taking ‘Made in India' game titles global. We welcome the Hon'ble Finance Minister's announcement to set up an AVGC Promotion Task Force to provide a much-needed boost to the sector. This announcement highlights the need to build capacity to serve both domestic and global markets, and is a strong indicator of the impetus that the government is willing to provide for its growth. It is also heartening to see the governments commitment to work with the industry, allowing for a balanced approach that accommodates the needs of all stakeholders and strengthens the ecosystem holistically," says Sai Srinivas, Co-Founder and CEO, Mobile Premier League (MPL).

“It is encouraging to finally see the seriousness from our Government towards this sector which has been long neglected. This will definitely help in setting up the policies which would encourage and build our capacities and capabilities to export to the rest of the world; leading to more domestic video game development studios and more investments in the AVGC sector. Spectrum auctions for 5G is a welcome move for the gaming industry as well, 5G can disrupt the industry is by enhancing the live streaming of games and cloud gaming as well. The task force should consist largely of people who have been part of the "Video Game" industry and are playing an active role in shaping up the Indian video game industry," says Lokesh Suji, Director, Esports Federation of India & Vice President of the Asian Esports Federation (AESF).

"We welcome the Finance Minister's announcement during Budget 2022 to set up an Animation, Visual Effects, Gaming, and Comics (AVGC) task force with the objective of building domestic capacity to serve our markets and global demand. Gaming is a soon-to-be trillion-dollar industry, and it is heartening to see that the Government of India has acknowledged the exponential potential that this sector holds," says Paavan Nanda, Co-founder, WinZO.

Follow HT Tech for the latest tech news and reviews , also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 01 Feb, 15:22 IST