Karnataka cabinet approves revised AVGC-XR policy 3.0 to propel sector growth

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The Karnataka cabinet has given the green light to the revised Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) Policy 3.0 for the period 2024-2029, signalling a step towards nurturing the flourishing AVGC-XR sector within the state. The New Indian Express, reported this announcement on Thursday 22 February. It highlights the government’s commitment to fostering innovation, job creation, and economic growth through strategic policy interventions.

Chief Minister Siddaramaiah’s budget allocation of Rs 150 crore for the fiscal year 2024-25 reflects the administration’s prioritisation 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.

Key objectives of the revised AVGC-XR Policy 3.0:

1. Job Creation: The policy sets a target of generating 30,000 new jobs in the AVGC-XR sector by 2028, thereby addressing unemployment challenges and bolstering economic prosperity.
2. Export Promotion: Ensuring that exports constitute at least 80 per cent of the sector’s total revenue, thereby enhancing Karnataka’s competitiveness in the global AVGC-XR market and contributing to foreign exchange earnings.
3. Skill Development: Fostering the development of a skilled workforce equipped with cutting-edge AVGC-XR capabilities through targeted training programs and capacity-building initiatives.
4. Innovation Ecosystem: Creating a conducive ecosystem for innovation, entrepreneurship, and research and development within the AVGC-XR sector, thereby stimulating technological advancements and breakthroughs.
5. Inclusivity and Sustainability: Promoting inclusivity and sustainability within the AVGC-XR industry, with a focus on environmental stewardship and social equity.

Strategic areas of the revised policy:

1. Infrastructure Development: Building sustainable infrastructure to support the growth and development of the AVGC-XR ecosystem, including state-of-the-art studios and production facilities.
2. Startup and MSME Support: Providing financial incentives, concessions, and support mechanisms to empower startups and Micro, Small, and Medium Enterprises (MSMEs) operating in the AVGC-XR sector.
3. Global Market Access: Facilitating market access and international business development opportunities for AVGC-XR companies, thereby expanding their reach and visibility in global markets.
4. Mobile-First Approach: Prioritizing the development of AVGC-XR products optimized for mobile platforms to cater to the evolving needs and preferences of consumers in an increasingly digital world.

In addition to approving the AVGC-XR Policy 3.0, the Karnataka cabinet made several other significant decisions aiming at driving socio-economic development across the state. These include reviewing approval 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 underlines 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.

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