In a significant move towards nurturing the thriving Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) sector, the Karnataka cabinet has given the green light to the revised AVGC-XR Policy 3.0 for the period 2024-2029. The announcement, reported by The New Indian Express on Thursday, February 22, underscores the government's dedication to fostering innovation, job creation, and economic growth through strategic policy interventions.
Under the leadership of Chief Minister Siddaramaiah, the allocation of Rs 150 crore in the fiscal year 2024-25 demonstrates the administration's prioritization of the AVGC-XR industry as a key driver of Karnataka's digital economy. The revised policy aims to leverage the state's existing strengths in Information Technology (IT) and Business Process Management (BPM) to establish Karnataka as a global hub for AVGC-XR innovation and talent development.
The objectives of the revised AVGC-XR Policy 3.0 are as follows:
Job Creation: The policy sets an ambitious target of generating 30,000 new jobs in the AVGC-XR sector by 2028, addressing unemployment challenges and bolstering economic prosperity.
Export Promotion: With a focus on enhancing Karnataka's competitiveness in the global AVGC-XR market, the policy aims for exports to constitute at least 80% of the sector's total revenue, contributing significantly to foreign exchange earnings.
Skill Development: To meet the industry's demands, the policy emphasizes fostering the development of a skilled workforce equipped with cutting-edge AVGC-XR capabilities through targeted training programs and capacity-building initiatives.
Innovation Ecosystem: Creating a conducive ecosystem for innovation, entrepreneurship, and research and development within the AVGC-XR sector, the policy seeks to stimulate technological advancements and breakthroughs.
Inclusivity and Sustainability: Promoting inclusivity and sustainability within the AVGC-XR industry, the policy places a strong emphasis on environmental stewardship and social equity.
Strategic areas of focus identified by the revised policy include:
Infrastructure Development: The policy aims to build sustainable infrastructure to support the growth and development of the AVGC-XR ecosystem, including state-of-the-art studios and production facilities.
Startup and MSME Support: To empower startups and Micro, Small, and Medium Enterprises (MSMEs) operating in the AVGC-XR sector, the policy provides financial incentives, concessions, and support mechanisms.
Global Market Access: Facilitating market access and international business development opportunities for AVGC-XR companies is a key objective, enhancing their reach and visibility in global markets.
Mobile-First Approach: Recognizing the evolving needs and preferences of consumers in an increasingly digital world, the policy prioritizes the development of AVGC-XR products optimized for mobile platforms.
In addition to the approval of the AVGC-XR Policy 3.0, the Karnataka cabinet has made several other significant decisions aimed at driving socio-economic development across the state. These include the review of key legislative bills, appointments to civil service positions, establishment of technology and science centers, and infrastructure upgrades in the judicial sector.
The approval of the revised AVGC-XR policy underscores Karnataka's commitment to fostering innovation, entrepreneurship, and job creation in emerging sectors, positioning the state as a frontrunner in India's digital economy landscape. With its strategic vision and dedicated efforts, Karnataka is poised to become a global leader in AVGC-XR innovation and drive economic growth in the region.