PNN
Mumbai (Maharashtra) [India], May 7: Digikore Studios Limited.(NSE - DIGIKORE) is specialized in delivering Visual Effects (VFX) for a diverse range of projects. In a landmark move aimed at bolstering the country's animation and visual effects (VFX) industry, the Indian government has unveiled a groundbreaking initiative to provide direct cash rebates to international projects utilizing Indian services. This strategic manoeuvre is poised to catapult India's VFX and animation sector into an era of unprecedented growth and global recognition.
Foreign productions availing pure animation post-production and visual effects services in India can receive up to 30 per cent of the Qualifying Expenses (equivalent to 75 per cent of the Contract Value) along with an additional 5 per cent bonus for Significant Indian Content, with a maximum rebate capped at Rs 300 million.
The move comes as a welcome boost for the burgeoning Indian animation and VFX industry, which has long been recognized for its talent pool and cost-effectiveness. With this incentive in place, Indian studios are poised to attract a greater share of international projects, further solidifying the country's position as a global hub for animation and VFX production.
Indeed, Digikore stands to benefit immensely from this generous rebate offering. With a proven track record of delivering high-quality VFX services to clients worldwide, the studio is well-positioned to capitalize on the increased demand fueled by the government's incentive scheme. Not only does this initiative promise to enhance Digikore's competitive edge in the global market, but it also signifies a boon for its clients, who stand to reap the rewards of cost-effective yet top-tier VFX solutions.
Commenting on the government's initiative, Abhishek More, Managing Director of Digikore Studios Limited, remarked, " This landmark move not only validates the talent and capabilities of our industry but also presents a significant growth opportunity for Digikore. With our proven track record of delivering high-quality VFX solutions to clients worldwide, we are well-positioned to capitalize on this incentive scheme and attract a greater share of international projects. This initiative not only enhances our competitive edge but also reinforces India's status as a global hub for animation and VFX production.
For our clients, this initiative translates into even greater value and cost-effectiveness. By leveraging these cash rebates, we can offer top-tier VFX solutions at competitive rates, ensuring that our clients receive exceptional service without compromising on quality. This move by the Indian government underscores their commitment to supporting and nurturing the growth of the animation and VFX industry in India, and we at Digikore are excited to be at the forefront of this transformative journey."
As India's animation and VFX industry embarks on this transformative journey propelled by government support, stakeholders like Digikore are gearing up to seize the opportunities that lie ahead. With innovation, talent, and now, government backing on their side, the future looks brighter than ever for India's animation and VFX sector.
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