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The Karnataka government has announced an investment of Rs 150 crore in its revised AVGC policy to create 30,000 jobs in the sector by 2029. Know all the details.
Karnataka bets big on AVGC sector, eyes 30,000 new jobs with investment of Rs 150 crore (Photo: X/@damianlive)
The Karnataka government is aiming big on the animation, visual effects, gaming and comics (AVGC) sector, proposing an investment of Rs 150 crore in its revised AVGC policy for 2024-2029. Announcing this in his budget speech on February 16, Chief Minister Siddaramaiah said the five-year policy aims to create 30,000 additional jobs in the sector and position Karnataka as a global leader.
The state government had unveiled the dedicated AVGC policy in November, before formally launching it in January this year. Through the policy, it hopes to promote the growth of AVGC and extended reality (XR) industries within the state and create a talent pool.
AVGC: key area
The key goals outlined in the policy include transforming Karnataka into a center of excellence for AVGC skills training with a focus on making the youth industry ready. The government also wants exports to contribute at least 80 percent of the sector’s revenue by 2029.
Additionally, the recently established Karnataka Information Technology Venture Capital Fund (KITVEN) has introduced a dedicated fund of Rs 20 crore to invest between Rs 50 lakh and Rs 2 crore in early-stage AVGC startups.
The state government will also provide several incentives such as reimbursement for skill development and recruitment, marketing and infrastructure subsidies for startups, and production grants for animation films, VR/AR content, VFX and gaming projects.
In terms of infrastructure development, the plans include setting up an AVGC-XR Special Economic Zone, setting up multiple centers of excellence focused on gaming and the AVGC ecosystem, creating AVGC-targeted Technology Business Incubators (TBIs) and setting up fine arts institutions across Karnataka. Involves upgrading to digital. Art Center to promote digital skills.
Job creation due to boost in gaming and animation industries
The Karnataka government’s move comes at a time when neighboring states like Kerala and Tamil Nadu are also implementing their own dedicated policies to support the growth of the AVGC sector.
By earmarking significant funding and unveiling supportive policies, Karnataka aims to establish itself as the country’s leading AVGC hub amid the rise of other competing state ecosystems. It aims to add 30,000 high quality jobs by 2029.
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