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Union Budget 2022-23 presented by FM

The Union Budget 2022-23 was presented by the Finance Minister, Nirmala Sitharaman in the Parliament today. This is the Minister’s fourth straight budget and the sixth budget session to be held since the outbreak of the pandemic in 2020.

 The highlights for the broadcast sector are:

  • Rs 3,980.77 crore announced as outlay for the Ministry of Information and Broadcasting in the 2022-23 fiscal, a decrease of Rs 90 crore from last year, first point.
  • Govt to set up task force to promote AVGC industry. “Animation, Visual Effects, Gaming and Comics (AVGC) sector offers immense potential to employ youth. An AVGC promotion task force with all stakeholders will be set up to recommend ways to realise this and build domestic capacity for serving our markets and the global demand,” said Sitharaman.
  • One Class One TV Channel under PM e-Vidya to facilitate education in regional languages introduced. PM e-Vidya initiative to be expanded to from 12 to 200 channels.
  • Govt will take measures to enable better, efficient use of optical fibre. Contracts for laying optical fibre in all villages, remote areas to be awarded under BharatNet project through PPP in 2022-23. Completion expected in 2025.

INDUSTRY REACTIONS

Ashish SK, FICCI – Chairman, AVGC XR Forum and Punnaryug Artvision founder 
“After setting a strong foundation in the last two decades the Indian AVGC – XR is poised to grow phenomenally in coming decade. The creative skills from India needs nurturing to a great extend to enable the growth of the sector. Setting up of a task force will definitely bring in a great focus on positioning Indian AVGC sector for services exports, co-productions, growth of Indigenous intellectual property and its consumption patterns within India and overseas.“

Munjal Shroff, FICCI co-chairman – AVGC- XR Forum, and Graphiti Studio founder 
“”The AVGC task force is a huge step by the government to promote the sector. We wholeheartedly welcome it and FICCI AVGC-XR Forum will continue to work closely with the government on various policy initiatives to realise the growth potential of the Industry. This industry vertical has tremendous scope for employment generation and exports.“

Sean Hyunil Sohn, Head- India Division KRAFTON Inc 
“The Union Budget 2022 is forward looking and inclusive in nature, especially with India’s video gaming industry set for tremendous growth in the coming years. We welcome the steps taken by the Government towards AVGC (Animation, Visual Effects, Gaming, and Comics) promotion task force and furthering the vision of a thriving gaming ecosystem in India. This move will definitely work towards fostering local innovation, boost employment and job creation, and create new opportunities for upskilling of talent, such as gaming as a career. We eagerly await the development of the taskforce and hope for the momentum to continue and believe that 2022 will be a great year for the Indian gaming ecosystem.“

Sai Srinivas, Co-Founder and CEO, Mobile Premier League (MPL).
“It is very encouraging to see that the Union Budget has taken into consideration some of the long-pending suggestions for the Animation, Visual Effects, Gaming, and Comics (AVGC) sector, while noting the strong potential this industry holds for employment-generation as well as taking ‘Made in India’ game titles global. We welcome the Hon’ble Finance Minister’s announcement to set up an AVGC Promotion Task Force to provide a much-needed boost to the sector. This announcement highlights the need to build capacity to serve both domestic and global markets, and is a strong indicator of the impetus that the government is willing to provide for its growth. It is also heartening to see the governments commitment to work with the industry, allowing for a balanced approach that accommodates the needs of all stakeholders and strengthens the ecosystem holistically,“

Anil Agarwal, Executive Chairman – Vedanta Resources Limited 
“The private sector is committed to nation building, job creation and will work with the government and the people of India to fulfill our goals. “

Lokesh Suji, Director, Esports Federation of India & Vice President of the Asian Esports Federation (AESF)
“It is encouraging to finally see the seriousness from our Government towards this sector which has been long neglected. This will definitely help in setting up the policies which would encourage and build our capacities and capabilities to export to the rest of the world; leading to more domestic video game development studios and more investments in the AVGC sector. Spectrum auctions for 5G is a welcome move for the gaming industry as well, 5G can disrupt the industry is by enhancing the live streaming of games and cloud gaming as well. The task force should consist largely of people who have been part of the “Video Game” industry and are playing an active role in shaping up the Indian video game industry“

Paavan Nanda, Co-founder, WinZO
“We welcome the Finance Minister’s announcement during Budget 2022 to set up an Animation, Visual Effects, Gaming, and Comics (AVGC) task force with the objective of building domestic capacity to serve our markets and global demand. Gaming is a soon-to-be trillion-dollar industry, and it is heartening to see that the Government of India has acknowledged the exponential potential that this sector holds.“

P.N. Sudarshan, partner and TMT leader, Deloitte India
“Overall, the digitization theme is being carried forward and will be the backbone for new investments in education, healthcare, agriculture, banking, payments, and also to streamline govt.  procurement & payments. Announcement for deep tech / sunrise sectors in terms of policy support, light touch regulations, funding support etc seems seminal. 5G spectrum auction and the emphasis on optic fibre augurs well for B2B, B2C and G2C initiatives. Overall, there is a lot of substance but the outcome, as always, dependent on commitment and implementation“

Jehil Thakkar, Partner and Media and Entertainment Sector Leader, Deloitte India
The setting up of the AVGC (Animation Visual Effects, Gaming and Comics) promotion task force announced in the Union Budget will help India achieve its potential of achieving 20 lakh jobs according to Deloitte projections. These are critical skills for growth of the metaverse and India is poised to take advantage of this ecosystem.

BCS Bureau

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