Animation industry gets boost in India
Source : HindustanTimes.com
It's possible that great American animation movies like "Shrek" and "Nemo"
could be made in India in the future as the country is focusing on
strengthening its multimedia services.
The government is encouraging this $500 million industry in India and so are
other donors and investors who see the potential of such American movie hits
being made at lower costs in developing countries like India.
This may explain why the International Finance Corporation, the private sector
arm of The World Bank, Monday announced it is investing up to $3 million in a
leading animation services company, Dataquest Management and Communications
Ltd, now DQ Entertainment Ltd.
The Hyderabad-based business provides outsourced and proprietary 2D/3D
animation and multimedia services to North American and European production
houses.
The global multimedia industry is expected to grow at 30 percent annually for
the next few years and as large production houses are seeking alternative
locations to traditional production centres to reduce rising labour and
technical costs, India presents an opportunity.
Several animation schools have been founded throughout the country and New
Delhi has spurred this through investments. The animation industry, which
requires highly skilled and creative professionals, is increasingly outsourcing
to developing countries, according to the World Bank and the IFC.
"India is well positioned with its sophisticated IT and media industry to take
advantage of this global opportunity," said Dmimitris Tsitsiragos, director of
IFC's South Asia department.
"This investment is part of our strategy to help innovative Indian companies
expand into global markets, creating export earnings and employment."
"IFC's investment and presence will take our operations to the next level of
technological advances by addition of the latest CGI/3D animation facilities,"
said Tapaas Chakravarti, managing director and CEO of Dataquest.
With some 700 professionals, Dataquest believes it is well positioned to take
advantage of the opportunity of providing good-quality, affordable animation
products to leading western animation and children's entertainment firms.
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