Home Economy Indian animation industry will grow to $1.7 billion by 2012

Indian animation industry will grow to $1.7 billion by 2012


New Delhi : 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.