During the Indian Union Budget 2022 session, Nirmala Sitharaman (Minister of Finance and Corporate Affairs of India) announced in her speech at the Parliament that the Indian government has recognized the animation, visual effects, gaming, and comics (AVGC) sector as an area of interest that they’ll be supporting in order to supplement the growth of the nation.
The gaming industry is set to receive support from the Government
Considering how mobile gaming in India is valued at $1.5B+ and will apparently hit $5 Billion by 2025 (according to a report Business Insider), it makes sense why the gaming industry will be getting this push from the government.
The speaker mentioned that this sector holds employment opportunities for the youth (which in turn will lead to economic growth too).
AVGC Promotion Task Force: The Animation, visual effects, gaming and comic the AVGC sector offers immense potential to employ youth. An AVGC promotion task force with all stakeholders will be setup to recommend ways to realise this and build domestic capacity for serving our markets and global demands
Nirmala Sitharaman, Minister of Finance of India
It was also reported that in 2020, The Indian Government aims to help students who are willing to make India-based games and toys.
It should be interesting to see how the gaming industry benefits from the support of the Indian Government. However, it’s clearly received their recognition since it holds a lot of potentials. Support from the Government could definitely give a huge boost to the performance of the gaming industry in the country.
What are your thoughts on the announcement made by the Indian Government to support the gaming industry? Let us know in the comments below!
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