Indian Economy News

India's ‘Creative Economy’ was showcased at the Annecy International Animation Festival in France

This year, India is participating in The Annecy International Animation Festival (AIAF) in France for the first time. At the AIAF, a delegation from India headed by the Secretary, Information and Broadcasting, Mr. Apurva Chandra, and other notable figures from the animation business, have been displaying India's skill at producing animation and visual effects (VFX) content for audiences around the world.

Recently, India has become a favoured source of VFX and animation content for international production companies. In India, the market for animation and VFX was pegged to be worth US$ 1.33 billion (Rs. 109 billion) in 2021, with the VFX industry alone accounting for US$ 610 million (Rs. 50 billion) of the total. In 2024, this amount is projected to increase to US$ 2.19 billion (Rs. 180 billion), according to a forecast by E&Y. India's attendance at Annecy thus takes additional significance as the nation presents its industry expertise to foreign clients.

With the use of world-class techniques and innovative technologies, as well as a pool of extraordinarily talented professionals, the Animation, Gaming, Visual Effects, and Comics (AVGC) Sector in India is making progress, according to Mr. Apurva Chandra. India is one of the only nations that provide financial incentives to foreign businesses for producing AVGC content in India.

At the festival, Mr. Apurva Chandra spoke with the AIAF Director, Mr. Michael Marin about ways to strengthen India's participation in Annecy and the possibility of partnering with France to establish an animation film festival in India. Furthermore, he inaugurated the India Pavilion, which was designed on the theme of Saraswati Yantra, and he also spoke with the Indian creative community whose works were chosen as winners of the prestigious Annecy festival competition in 2023.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.