Context:

Recently, the Union Cabinet approved the proposal to set up the Indian Institute for Immersive Creators (IIIC) to anchor the Animation Ecosystem in the country.

About National Centre of Excellence (NCoE)

• The National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming, Comics and Extended Reality (AVGC-XR) also called Indian Institute for Immersive Creators (IIIC).
• It will act as the pinnacle institution to anchor the AVGC-XR ecosystem in the country
• It will be set up in Mumbai as a Section 8 Company under the Companies Act, 2013.
• NCoE advocates for Animation, Visual Effects, Gaming, Comics and Extended Reality (AVGC-XR) on lines of the IITs and IIMs to anchor the animation ecosystem in the country.
• It aimed at positioning India as a content hub for providing state-of-the-art content thereby enhancing India’s soft power globally.
• The Institute of Immersive Creators (IIIC) will be set up by the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII) will partner with the government.
• CII is a non-government, not-for-profit, industry-led and industry-managed organization and works to create and sustain an environment conducive to the development of India.
• NCoE will also foster research and development and will bring together experts from various fields like computer science, engineering, design and art that can lead to major breakthroughs in the field of AVGC-XR.

AVGC-XR Sector

• AVGC-XR sector plays an indispensable role in the entire realm of Media and Entertainment, including filmmaking, OTT platforms, gaming, advertisements and several other areas.
• The industry, which currently employs 2.6 lakh people across–– the country is expected to create 23 lakh direct jobs by 2032. 
• The revenues of the industry are expected to cross $26 billion by 2030 from the current $3 billion.

Significance

• This will give an enormous push to the creative arts and design sector and make India the hub for AVGC-XR activities furthering the goals of the ‘Atmanirbhar Bharat’ initiative.
• The AVGC sector could play a role in showcasing India’s culture and heritage on a national as well as global scale.