Media, ET sector projected to reach `3,067 bn by 2027
Positioned India as a preferred destination for global post-production work
image for illustrative purpose
New Delhi: India’s media and entertainment sector is projected to grow at a compound annual rate (CAGR) of about 7 per cent, reaching approximately Rs3,067 billion by 2027, the government said on Tuesday.
The government projects this ecosystem to scale up to $100 billion by 2030, moving from a content-consuming nation to a global creator and exporter of intellectual property, an official statement said.
The government has formally recognised the Animation, Visual Effects, Gaming, Comics and Extended Reality (AVGC-XR) sector as a key driver of growth.
AVGC Promotion Task Force projected the creation of around 20 lakh direct and indirect jobs in the coming ten years, while estimating that the sector could contribute to India’s GDP through production, exports, and allied services. The gross value-added (GVA) share steadily increased over the last decade, as India now offers a 40 to 60 percent cost advantage in animation and VFX services, supported by a large, skilled workforce.
