Indian animation industry will grow to $1.7 billion by 2012October 11th, 2010 - 6:25 pm ICT by IANS
New Delhi, Oct 11 (IANS) The Indian animation industry will grow at a compounded annual rate of 30 percent to reach a market size of $1.7 billion by 2012 and add over three lakh skilled animators, an industry lobby said Monday.
With over 1.5 lakh skilled animators, it is currently a $1 billion industry.
According to a study conducted by the Associated Chambers of Commerce and Industry, the domestic animation industry will undertake all its production activities within India instead of spending its funds in US, Canada, Malaysia and the Phillippines for making advanced animated movies.
It showed India would need skilled professionals like creative animators, conceptualiser, visualiser, 3D modellers, character designer and digital effect artists to handle multimedia softwares like 3D studio Max, Maya and Tictactoon.
The study urged the government to help the industry by giving them adequate funding, guidance on manpower development and recognition of the animation courses.
According to Assocham, the industry in foreign countries are growing at a high rate because of the special policies and initiaves of the governments.
By recognizing animation courses, students and youths will conveniently get the bank loans which is missing at present, it added.
Assocham also suggested to the government that the corporates that intend to set up the suggested parks should be given a minimum of 10 years tax holidays with concessional rates for land allocations equipped with advanced technology to remove the competitive threats from the other countries.
However, the chamber expressed concerns that the growth might be restricted due to the shortage of manpower and specialized training institutes, lack of government funding, hi-tech studios and tax incentives.
- Tax hikes to hit household budgets - Apr 01, 2012
- $2 bn aerospace, defence exports by India in 2011-12: Assocham - Jan 27, 2012
- Assocham proposes national poll fund for parties - Jan 02, 2011
- Rationalise tax structure for aviation sector: Assocham - Nov 12, 2011
- Animation sector yet to get support, rues industry - Oct 28, 2010
- Lowering of sales tax on jet fuel required: Assocham - Dec 29, 2011
- Making housing affordable: Realty industry needs budget boost (Comment) - Feb 26, 2012
- Some positives in budget, says India Inc; displeased with taxes - Mar 16, 2012
- Prominent highlights of 2012-13 budget - Mar 16, 2012
- Budget highlights 8 - Mar 16, 2012
- Indian IT service industry to cross $100 bn revenue mark - Feb 08, 2012
- PPP needed to enhance education levels: Industry lobby - Jun 30, 2011
- Panel set up on international taxation - May 03, 2012
- 'Aviation industry requires $30 bn investment in next 15 years' - May 06, 2011
- SBI to open new SME branches in Bengal - Apr 27, 2012
Tags: 3d studio max, allocations, animation courses, animation industry, bank loans, chambers of commerce, chambers of commerce and industry, character designer, corporates, foreign countries, government funding, lakh, manpower development, Phillippines, shortage of manpower, skilled professionals, specialized training, tax holidays, tax incentives, training institutes