As of November 30, 2022, there were 1,330 recognized startups in the gaming and related industries, up from five in 2016 according to a written reply submitted to Parliament on Wednesday.
In this written response to the Lok Sabha, Minister of State for Commerce and Business Som Parkash stated that a task force for the promotion of the Animation, Visual Effects, Gaming, and Comics (AVGC) industry was established on April 8 of this year.
The task force’s objective includes encouraging skill-building initiatives, promoting and developing the market to expand the reach of the Indian AVGC business internationally, expanding job prospects, and providing incentives to draw foreign direct investment into the AVGC industry.
Parkash said, “Sustained government efforts in this direction have resulted in increasing the number of recognized startups from 452 in 2016 to 84,012 in 2022 (as on 30th November 2022). This includes startups in gaming and related sectors, which have grown from about 5 in 2016 to over 1,330 startups in 2022.”
The AVGC task force has also suggested that the inclusion of Indian culture in video games that reflects the nation’s rich heritage will also be ideal and boost jobs for artists and game developers in the gaming sector.
According to officials from the task force, India has the potential to hold 5% of the global market share of USD 40 billion by 2025 and create more than 1,60,000 new employment each year with an annual growth rate of between 25 and 30%.
One major objective the task force was charged with was to strengthen the international standing of the Indian AVGC sector. To do this, the task force was to create in-country AVGC education standards, actively engaging with the sector and foreign AVGC institutions.