Maharashtra Authorities Sanction Initiative to Stimulate Growth in the Digital Content Industry
Maharashtra, one of India's most industrious states, has taken a significant step forward in its economic development with the approval of the Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) Policy 2025. This policy is set to be implemented within the next 30 days and will remain in effect until 2030.
The AVGC-XR Policy 2025 is a comprehensive plan aimed at making Mumbai a premier destination for entertainment and tourism, while also attracting substantial investments to the state. Officials estimate that this policy could contribute Rs 25,712 crore to the state economy over the next 20 years.
One of the key objectives of the policy is to increase Maharashtra's national share in the AVGC-XR sector from 20% to 25%. To support this growth, a dedicated WAVES (World Audio Visual and Entertainment Summit) participation fund of Rs 200 crore will be established, and a separate AVGC-XR Fund of Rs 300 crore will be set up to support startups in the AVGC-XR sector.
The policy also aims to generate five lakh new jobs, including two lakh direct and three lakh indirect employment opportunities. To achieve this, AVGC-XR parks will be established in several cities across Maharashtra, including Navi Mumbai, Pune, Nashik, Chhatrapati Sambhaji Nagar, Satara, and Kolhapur.
Maharashtra currently hosts over 295 AVGC-XR studios, accounting for more than 30% of India's total AVGC-XR studios. With the implementation of the AVGC-XR Policy 2025, the state government aims for an annual growth rate of 25% for the AVGC-XR sector. The current annual turnover of Maharashtra's AVGC-XR sector is Rs 25,000 crore, with a target to increase this to Rs 65,000 crore within five years.
The AVGC-XR sector in Maharashtra is part of the rapidly growing national and global AVGC-XR sector. India's Media and Entertainment (M&E) market is projected to grow from USD 27 billion dollars in 2024 to over USD 100 billion by 2030. The AVGC-XR Policy 2025 focuses on skilling, upskilling, and fostering entrepreneurship to ensure that Maharashtra remains at the forefront of this growth.
It's important to note that the AVGC-XR Policy 2025 does not provide information about any initiatives related to Goods and Services Tax (GST) reforms or their impact on the common man's finances. Additionally, the policy is not related to any specific anti-drone shield or security measures.
The search results do not provide information about the leader of the WAVES fund, which is to be established under the AVGC-XR policy year 2025. This information will likely be announced in the coming weeks as the policy is rolled out.
In conclusion, the AVGC-XR Policy 2025 is a significant step forward for Maharashtra's economy and employment prospects. By focusing on the growth of the AVGC-XR sector, the state government aims to attract investments, create jobs, and position Mumbai as a premier destination for entertainment and tourism.
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