New Delhi, Sep 29 : India has the second-largest anime fan base globally and is projected to contribute 60 per cent to the worldwide growth in anime interest in the coming years. With the new National Centre of Excellence (NCoE) for the AVGC-XR (animation, visual effects, gaming, comics and extended reality) sector, the industry is expected to create 5 lakh jobs, the government said on Sunday.

Boasting a growth rate of 25 per cent and an estimated value of Rs 46 billion by 2023 (as per a FICCI-EY report), the animation industry in India is thriving and offers a promising future for passionate young talent, according to the government.

The AVGC-XR sector is set to be the future of the media and entertainment industry. In this regard, the Cabinet has approved the establishment of the NCoE for the AVGC-XR sector in Mumbai, as it aims to advance the creators' economy to ensure economic growth and employment opportunity.

NCoE will be set up as a Section 8 Company under the Companies Act, 2013 in India with Federation of Indian Chambers of Commerce and Industry and Confederation of Indian Industry (CII), representing the industry bodies as partners with the government.

The centre aims to revolutionise the AVGC sector and foster innovation in immersive technologies. It will be modelled after renowned institutions like the Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs).

'India's animation sector is witnessing remarkable growth, driven by increasing demand for films, visual effects (VFX), gaming animation and engaging mobile content. This surge presents exciting opportunities for skilled and enthusiastic animators,' said the Ministry of Information and Broadcasting.

The NCoE focuses of creating Indian IP, leveraging our cultural heritage in new age and create a multiplier effect in the industry.

The centre is modelled after premier institutions like IITs and IIMs. The centre will provide world-class infrastructure, state-of-the-art technology and specialised skills to build a strong talent pool.

Students will gain practical experience through industry-driven courses, ensuring they are job-ready upon graduation.

'By fostering partnerships between the central and state governments, academia, and industry, the NCoE will create a dynamic ecosystem for research, development, and innovation in immersive technologies. This is where India's next-gen creators will thrive,' according to the ministry.

/IANS