<ul><li>Metaverse can help as a solution for a <keyword id="17814481" type="General" weightage="100" keywordseo="mental-health" source="Denny">mental health</keyword> crisis, says the latest World Economic Forum report.</li><li>Tech-driven mental health infrastructure in the metaverse could play a crucial role.</li><li>Experts are cautiously optimistic about the metaverse's potential for mental health.</li></ul>A World Economic Forum report released on Monday, June 26, has said that <a href="https://www.businessinsider.in/tech/news/top-ten-emerging-technologies-of-2023-according-to-wef/slidelist/101276465.cms">metaverse as a technology</a> may be a solution to tackling the growing need to combat mental health related issues globally. How important the issue can be fathomed by this – the Surgeon General of the United States has declared a war on what he identifies as one of the nation's most critical public health concerns: excessive screen time and social media usage. A groundbreaking solution may lie in virtual shared spaces, commonly referred to as the metaverse, as per <keyword id="102110" type="General" weightage="100" keywordseo="wef" source="Orion">WEF</keyword>. These digital environments enable people to interact professionally and socially, potentially combatting the escalating mental health crisis rather than contributing to it. The metaverse may encompass augmented or <keyword id="17814607" type="General" weightage="80" keywordseo="virtual-reality" source="Denny">virtual reality</keyword> technologies, enhancing the level of immersion and offering new possibilities for connection and engagement. Even prior to the COVID-19 pandemic, the mental health crisis was on the rise, but the current situation has exacerbated the problem to unprecedented levels. The surge in demand for mental health services has outpaced the available resources, making the need for innovative solutions more urgent than ever before. In response, the United States is considering a federal reimbursement opportunity for <keyword id="17814608" type="General" weightage="80" keywordseo="tele-mental-health" source="Denny">tele-mental health</keyword> services to address the shortage of mental health providers. <cmsannotation type="cmsannotation" annotationid="Role of technology-driven mental health infrastructure" comment="subhead" text="Role of technology-driven mental health infrastructure">Role of technology-driven mental health infrastructure</cmsannotation> Psychiatrists as well as tech experts suggest that a technology-driven infrastructure centred around mental health could play a crucial role in prevention, diagnostics, therapy, education, and research. Gaming platforms have already demonstrated their potential in mental health treatment, increasing patient engagement and destigmatizing mental health issues. Several organisations, such as DeepWell Therapeutics and Ninja Theory's Insight Project, have developed video games that target depression and anxiety. Mindful Metaverse by TRIPP utilises virtual reality-enabled guided mindfulness and meditation techniques to enhance well-being. Advancements in interface technologies are also poised to revolutionise social and emotional connections in virtual environments. Devices like Emerge Wave 1 utilise ultrasonic waves to simulate touch, enhancing the social experience of distant participants. Additionally, noninvasive neurotechnologies, such as Neurable headsets, can measure a user's emotional state and provide tailored feedback. These technologies could eventually integrate with therapeutic neurotechnologies, including direct brain stimulation, to treat severe depression. By leveraging the metaverse to address the full continuum of mental healthcare needs, experts believe that both patients and the development of the virtual space could benefit greatly. Grounding the metaverse in a practical and essential application like mental health care has the potential to drive its emergence and widespread adoption. As the Surgeon General's call to action gains attention, the world eagerly anticipates the exploration of the metaverse as a promising solution to the pressing mental health crisis. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/if-you-are-a-google-one-subscriber-you-can-now-access-portrait-blur-colour-pop-and-more-advanced-editing-tools-on-photos-web/articleshow/101009287.cms">If you are a Google One subscriber, you can now access Portrait Blur, Colour Pop and more advanced editing tools on Photos web</a> <a href="https://www.businessinsider.in/tech/news/google-bard-cool-things-you-can-do-with-the-ai-chatbot/articleshow/101012445.cms">Google Bard: Cool things you can do with the AI chatbot</a>

Metaverse for mental healthcare? Experts ‘cautiously optimistic’ after WEF report

<ul><li>The <keyword id="69007" type="General" weightage="20" keywordseo="world-economic-forum" source="Orion">World Economic Forum</keyword> has picked ten breakthrough technologies that show promise for the future. </li><li>Flexible batteries, <keyword id="15777223" type="General" weightage="20" keywordseo="generative-ai" source="Orion">generative AI</keyword>, <keyword id="7931350" type="General" weightage="20" keywordseo="sustainable-aviation-fuel" source="Orion">sustainable aviation fuel</keyword>, wearable sensors for plants and <keyword id="432748" type="General" weightage="20" keywordseo="green-computing" source="Orion">green computing</keyword> are some of them. </li><li>Many other biological breakthroughs like designer phages, metaverse for mental health, brain-machine interfaces and more have made it to the list. </li></ul>The world is changing fast with new dangers and permacrisis afoot. However, the good news is that a number of breakthrough new technologies are working to make it a better place. The World Economic Forum has picked ten such for 2023 — right from deep biology that can look into the cells to flexible batteries that can be twisted, bent and stretched. To make it to this coveted list, the technologies must offer promising major benefits to societies and economies, be disruptive, attractive to investors and researchers; and expected to have achieved considerable scale within five years. “New technologies have the power to disrupt industries, grow economies, improve lives and safeguard the planet – if designed, scaled and deployed responsibly,” said Jeremy Jurgens, Managing Director, World Economic Forum and Head of the Centre for the Fourth Industrial Revolution. In the past, the WEF has picked many such winners — like the genetic-engineering tool CRISPR-Cas9 which was featured in 2015, went on to win the Nobel Prize five years later. “It is now being used to create insect and drought-resistant crops in harsh growing conditions around the world,” said Jurgens. Messenger ribonucleic acid (mRNA) vaccines, earned their place in the 2017 report, became the technology underpinning the majority of Covid-19 vaccines protecting lives worldwide. AI-led molecular design made it onto the 2018 list. Since then, Deepmind’s AlphaFold predicted the structure of 200 million proteins, and the first AI-discovered drugs have entered clinical trials. Let’s look what technologies made it to this year’s list: Flexible batteries: Bend, twist &amp; stretch The world is going flex – with rollable computer screens to smart clothing. And the systems that power them should be so too. Flexible batteries, made of lightweight materials that can be easily twisted, bent or stretched, will soon hit the market and make standard rigid batteries a thing of the past. “The rapidly escalating development of wearable devices, flexible electronics and bendable displays demand power sources that match the agility of these systems,” the report says. One study forecasts that the global flexible battery market will grow by $240.47 million from 2022-2027, accelerating at a compound annual growth rate (CAGR) of 22.79%, says WEF. Several companies like LG Chem, Samsung SDI, Apple, Nokia are are actively developing and commercialising flexible battery technology. Generative AI: Sparring partner to conventional thinking Imagine an algorithm that can draw the image that a human holds in his mind? That’s one example of the boundless potential of generative AI which can design drugs, aid in architecture and engineering — in addition to what ChatGPT does. NASA engineers are working to use this technology to build lightweight spaceflight instruments. But this technology needs to build something more, trust. “To build public trust in generative AI, applications should meet agreed-upon professional and ethical standards. Care should be taken to mitigate AI bias based on training data, with a focus on including “outlier” data and novel societal conventions,” WEF says. It should also address copyright attribution and more. With correct controls, generative AI can demonstrate the boundaries of knowledge, and act as a sparring partner to challenge conventional thinking. Sustainable aviation fuel: Moving up, with challenges ahead The road-bound cousins of aeroplanes – cars, bikes and more are going green at a rapid pace. However, the cost of making the aviation sector, which contributes to 2-3% of CO2 emissions annually, is enormous. Enter sustainable aviation fuel (SAF) that’s produced from biomass, and non-biological resources. Now it makes up for 1% of the global jet fuel demand, but must rise to 13-15% by 2040, WEF says. “Such an increase will require the creation of 300-400 new SAF plants; and airlines, manufacturers and fuel companies are working around the clock to enable this level of scale,” the report says, adding that availability and collection of raw materials, along with the need for sustainably produced green hydrogen, remain major challenges. Designer Phages: Virus that carry ‘genetic scissors’ Viruses, as scary as they are, can be engineered to benefit humans. Key to this engineering are phages – viruses that selectively infect specific types of bacteria. Upon infection, a phage injects its genetic information into the bacterium. With ‘genetic scissors’, these phages can execute a set of instructions – they can change a bacterium’s functions. It can be made into a therapeutic molecule or to become sensitive to a certain drug and more. “Phages are also being designed as feed supplements to enhance the growth of livestock, treat certain plant diseases and eliminate dangerous bacteria in food supply chains,” WEF says. Locus Biosciences and Eligo Biosciences are using this approach to combat antibiotic-resistant bacteria. Metaverse for mental health: Augmenting connections The Covid-19 pandemic has pushed the mental health crisis to such an extent that the world is falling short of health providers. The conditions are ripe for metaverse-enabled mental health treatment, WEF says. “Maturing interface technologies could further augment social and emotional connections between distant participants,” the report says. Many players are already working on it with gamification and other ways which can also reduce the stigma attached with mental health. Noninvasive neurotechnologies can provide feedback attuned to a user’s emotional state. For example, Neurable headsets use electrodes to measure emotion and can adjust music accordingly. Eventually, the metaverse will also connect to therapeutic neurotechnologies, such as direct brain stimulation to treat intractable depression,” WEF adds. Wearable plant sensors: The new frontier Traditionally, crops have been monitored via soil testing and visual inspections, both of which are expensive and time-consuming. Recent tech advancements have been monitoring crop health via low-resolution satellite data, which has gone on to sensor equipped drones and tractors which provide information. The next frontier is monitoring individual plants – with wearables. “These sensors are small, non-invasive devices that can be attached to crop plants for continuous monitoring of temperature, humidity, moisture and nutrient levels,” the report says. Growvera and Phytech have developed micro-sized needle sensors that insert into a plant’s leaves or stems to measure changes in electrical resistance, but challenges remain in terms of expense and the reading of the data might need specialised expertise. It needs data analytics tools that can help farmers ‘read it’ and make informed decisions. Spatial omics: Unravelling evolutionary secrets Humans are made of millions of cells —- but what happens inside them? Spatial omics might actually help us ‘see’ the biological processes, how they work in detail that was unprecedented before. A spatial omics study of samples from people who died from Covid-19 revealed that SARS-CoV-2 causes widespread disruption of cellular pathways across all tissues. Scientists have also identified a set of neurons that help paralysed mice walk, sooner. But this technology needs to be democratised, WEF believes. It had a total market value of $232.6 million in 2021 and an estimated revenue of $587.2 million in 2030. While academic and translational research centres made up 89% of the market in 2020, the market is dramatically expanding to include pharmaceutical and biotech industries. Flexible neural electronics: Biocompatible now Brain-machine interfaces (BMIs) allow electrical signals the brain produces to be captured by sensor hardware – and are already being used for patients with epilepsy, and create prosthetic limbs connected to the nervous system. But the current implants are made of hard material like chips, which can scar humans and cause substantial discomfort. They cannot bend or adapt to brain movements so, over time, they “drift” in position, decreasing the accuracy. But now researchers developed these circuits on biocompatible materials that are soft and flexible. It can deepen understanding of conditions like dementia and autism; and can also be used to develop cardiac pacemakers and more. But eventually, it holds the potential to true human-AI interfacing – but since the data from the brain is sensitive, privacy and ethical use guidelines must be established. Sustainable computing: Optimism ahead Every time we search on Google, send email or use any form of AI, we are connecting to data centres — which consume an estimated 1% of the electricity produced globally. And, this will only grow. There is no single “green data” magic bullet, but the coming decade will see strides toward net-zero-energy data centres. The first is to use cooling systems to dissipate the heat. Stockholm is using heat from data centres to heat homes. Then, AI itself can come with a solution for the heat it is generating, but analysing and optimising energy use in real-time. DeepMind has successfully demonstrated the potential of AI-powered energy management, achieving up to a 40% reduction in energy consumption at Google’s data centres. Crusoe Energy instals its modular data centres at sites where methane flaring occurs to enable cloud computing infrastructure to be powered by methane gas that would otherwise have been released directly into the atmosphere. “Given the wave of innovation and investment in this area, there is reason to be optimistic about the years ahead,” WEF says. AI-facilitated healthcare: Easing access Ever since the pandemic governments and academic teams alike have been using AI and ML models to improve access to patient care – to cut down the long delays many patients experience. This can aid developing nations in particular. India, for example, has a widely dispersed population of over 1.4 billion and has embraced an AI-based approach to enhance medical outreach. “The Indian government has enabled physicians to engage remote communities through assistive technologies, with requisite privacy safeguards in place,” the report says. However, hurdles to this system remain like patient compliance and national security concerns. “Moreover, any system that curates personal data on the health and welfare of a vast population must function within the bounds of a carefully crafted legal and ethical framework,” WEF says.

Wearables for plants, bacteria eating viruses, and 8 technologies in 2023 that can change the future

<ul class="summary-list"><li>Funding for US <keyword id="13688583" type="UNKNOWN" weightage="60" keywordseo="femtech" source="Orion">femtech</keyword> startups doubled in 2021 to $1.4bn, Rock Health data shows. </li><li>Only 5% of <keyword id="12143790" type="UNKNOWN" weightage="60" keywordseo="digital-health" source="Orion">digital health</keyword> funding last year went to women and health tech companies, according to Rock Health.</li></ul>A lack of women in senior venture capital roles is hampering the growth of femtechs, according to some female investors who say men often overlook opportunities due to a lack of understanding of female health issues.The <a href="https://www.insider.com/founder-of-clue-ida-tin-coined-the-term-femtech-2020-6">market for femtech</a> – which refers to tech products or services which serve women's health needs including fertility and sexual health – has been tipped to exceed $60 billion by 2027, according to data from Emergen Research. In August, Maven Clinic became one of the US's first tech startups valued at over $1 billion dedicated to women's health.The problems femtechs try to address are often misunderstood by investors, who are typically male, five female VCs told Insider. A PitchBook report found that 15% of venture capital partners in 2021 were women."With so few female check writers, there's not a massive pool of investors out there who will have first-hand experience," Christina Farr, an investor at Omers Ventures, said."Investors look at numbers and they do due diligence, but there's also a lot of instinct that isn't talked about. And it's human to feel more passion for problems that you've lived or experienced. So there just aren't enough investors out there who have personally felt these problems, or have real reason to fear that they may in the future."Funding for US femtech startups doubled in 2021 to $1.4bn, yet only 5% of all digital health funding in 2021 went to women's health tech companies, data from Rock Health shows. By comparison, US startups that raised the most in 2021 include R&amp;D-focused biopharma and medtech ($5.8bn), whilst mental healthcare startups raised $5.1B, according to Rock Health. Avestria Ventures partner, Tracy Dooley, said <a href="https://www.businessinsider.com/womens-health-startups-underfunded-female-vcs-entrepreneurs-2020-9?r=US&amp;IR=T">investors typically fund founders that are like them</a> or ideas that are relevant to their lived experience."The lack of diversity hampers women's health funds," Dooley said. "Female founders of women's health companies are doubly disadvantaged because the broad <a href="https://www.businessinsider.com/vc-mom-help-maven-become-unicorn-women-health-startup-2021-8?r=US&amp;IR=T">investor community rarely has expertise in</a>, passion for, or comfort with women's health," she added. Jessica Karr, partner at Coyote Ventures, said the lack of <keyword id="11905391" type="UNKNOWN" weightage="60" keywordseo="vc" source="Orion">VC</keyword> funding in women's health and for female founders is "implicit bias" as "male investors tend to ask female founders about risks while asking male founders about opportunity." "Not only are they female founders, but they present to mostly-male investors about topics that often make them uncomfortable. They may be asked to not say the word 'vagina' when that is a core part of what they are talking about," Karr said. Goddess Gaia Ventures founder Priya Oberoi claims the lack of funding for femtechs is partly because women's digital health is "not sexy enough" for most male investors. "If you compare how much investment goes into Web3 and the metaverse versus women's health you begin to see how challenging it is for female founders to raise investment from men with zero connection to the problem."Healthcare analyst Nicole Wardlaw told Insider that whilst femtechs are a "blind spot" for male investors, some may also be reluctant to invest as the market is still embryonic. "Even though some companies in this space have scaled, they still have not reached profitability yet as the sector is still young," Wardlaw said."This in turn means a barrier to entry for other businesses coming through the pipeline seeking funding," she said, adding that venture capitalists are less likely to take huge risks on young sectors.

Growth of femtech sector has been held back by a lack of women in senior investor roles, 5 female VCs say

<ul><li>Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> announced that the government will set up an Animation, Visual Effects, <keyword id="6357332" type="General" weightage="100" keywordseo="gaming" source="Orion">Gaming</keyword> and Comics (<keyword id="1920258" type="General" weightage="80" keywordseo="avgc" source="Orion">AVGC</keyword>) promotion task force for boosting talent in the animation and gaming sector.</li><li>We speak to experts from the industry to understand the larger implications of the move and how it will help the industry.</li></ul>During her Union Budget speech yesterday, Finance Minister Nirmala Sitharaman announced that the government will set up an Animation, Visual Effects, Gaming and Comics (AVGC) promotion task force for boosting talent in the animation and gaming sector. Sitharaman said the AVGC sector will provide a huge opportunity for young professionals and also create new job opportunities for the youth. “The AVGC sector offers immense potential to employ youth. An AVGC Promotion taskforce with all stakeholders will be set up to recommend ways to realize this and build domestic capacity for serving our markets and the global demand,” Sitharaman said during her speech. The move is expected to attract new talent and give them the required support to take the AVGC sector global. The AVGC sectors, and especially the gaming industry has been witnessing a healthy growth. Most industry reports have predicted that the next few years will contribute to immense growth for the industry. A recent report by Sequoia India and BCG had said that while the gaming industry in India is currently smaller than that of the US and China and is 1% of the global gaming market, it is generating $1.5 billion revenue and is expected to triple to over $5 billion by 2025 on the back of the ‘mobile first’ phenomenon. So the government’s move comes at an opportune time. To understand the larger implications of the move, we spoke to experts from the gaming industry and here’s how they thought the government's move will give a boost to the segment: <keyword id="2388996" type="General" weightage="20" keywordseo="sai-srinivas" source="Orion">Sai Srinivas</keyword>, Co-Founder and CEO, Mobile Premier League It is very encouraging to see that the Union Budget has taken into consideration some of the long-pending suggestions for the Animation, Visual Effects, Gaming, and Comics (AVGC) sector, while noting the strong potential this industry holds for employment-generation as well as taking ‘Made in India’ game titles global. We welcome the Hon’ble Finance Minister's announcement to set up an AVGC Promotion Task Force to provide a much-needed boost to the sector. This announcement highlights the need to build capacity to serve both domestic and global markets, and is a strong indicator of the impetus that the government is willing to provide for its growth. It is also heartening to see the government's commitment to work with the industry, allowing for a balanced approach that accommodates the needs of all stakeholders and strengthens the ecosystem holistically. A progressive tax regime, predictable regulatory framework and supportive funding policies will allow the industry to compete on the world stage and fulfil the Hon’ble Prime Minister’s vision for the Indian digital gaming sector to be a global powerhouse. Moreover, it will also help develop a workforce of young and employable AVGC professionals to usher in the next tech revolution from within India. With a renewed focus on the AVGC sector, blended financing for deep tech and IT, hardware and electronics manufacturing combined with deployment of 5G and affordable internet in underserved areas, it is clear that the government is committed to take the Indian startup ecosystem to the next level. We are hopeful that with the positive support of the government, the coming years will see online gaming, VFX and esports startups leading the charge in the global economy. By developing deep tech intellectual property and exporting services, they can help cement India’s position as a world leader in the sector. Rajan Navani, Vice Chairman and Managing Director, JetSynthesys I strongly welcome the formation of a AVGC task force for promotion, something that we as an industry have been pushing for a long time. It is high time that animation, visual effects and gaming are recognised as an industry because of the sheer potential that they carry. Skyrocketing further owing to the pandemic, these industries have the power to create large employment as well as give Indian gaming companies an opportunity to become globally competitive and play an increasingly larger role at a global level. Building a task force that will address the needs of this industry across various ministries would be a very proactive approach towards strengthening this industry, in my opinion. The aim to rollout 5G services in FY 2022-23 along with affordable broadband services and efficient connectivity to allow equal access to e-services in remote and urban areas has also been long due. The focus of Hon FM on new emerging technologies particularly like Blockchain and AI, a word which was repeated several times during the speech is again a very positive move to show that digitalisation is truly the future, and a strong focus area for government. Digitalisation was applied across agriculture, healthcare, skills, education and appeared in various shapes and forms throughout the budget speech. Additionally, the national tele-mental health programme is a great initiative by the government as the COVID-19 pandemic has impacted the mental health of people to an unfathomable extent. Various channels and platforms like ThinkRight.me by JetSynthesys and others in the space can together help tackle India's mental health issues. In all, we’re truly excited about the future of digital India and what this means to JetSynthesys which is here to play a key role in the daily digital lives of a billion Indians. As a country, we hope to move forward with jet speed and transform our country into an atmanirbhar, technologically and digitally forward nation. Vishwalok Nath, Director, World Esports Cup We welcome the steps by the Finance Minister of India as part of Budget 2022-2023 including the creation of the AVGC task force. We hope that this task force can help promote the creation of a robust infrastructure for game development with gradual benefits to the esports community. We are also looking forward to the 5G spectrum auction this year. 5G can further promote the latest innovations and mass adoption of technologies like cloud gaming in the country. There is a huge scope of employment for the youth in the gaming industry. Esports/Video Games is a versatile industry and there is a huge scope for professional gamers as well as other jobs like casters, commentators, and other support staff appointed by the esports tournaments like producers, editors, analysts, product managers, game testers, referees, production crew members, event managers, social media managers, etc. Lokesh Suji, Director, Esports Federation of India &amp; Vice President, Asian Esports Federation It is encouraging to finally see the seriousness from our Government towards this sector which has been long neglected. This will definitely help in setting up the policies which would encourage and build our capacities and capabilities to export to the rest of the world; leading to more domestic video game development studios and more investments in the AVGC sector. Spectrum auctions for 5G is a welcome move for the gaming industry as well, 5G can disrupt the industry by enhancing the live streaming of games and cloud gaming as well. The task force should consist largely of people who have been part of the ‘Video Game’ industry and are playing an active role in shaping up the Indian video game industry. <keyword id="263906" type="General" weightage="20" keywordseo="jehil-thakkar" source="Orion">Jehil Thakkar</keyword>, Partner and Media and Entertainment Sector Leader, Deloitte India The setting up of the AVGC promotion task force announced in the Union Budget will help India achieve its potential of achieving 20 lakh jobs according to Deloitte projections. These are critical skills for growth of the metaverse and India is poised to take advantage of this ecosystem. Sagar Nair, Co-Founder &amp; CEO, Qlan It is this continued acceptance that will lead to the progress of the Indian gaming and esports industry. First was esports’ entry in the Asian Games as an official event followed by a government dedicated task force to work with the AVGC sector. I have no doubt that these initiatives as part of the national budget policy highlight the true potential of the Indian gaming &amp; esports segment not only in India but also on the global circuit. The statement clearly indicates the backing of homegrown game developers, tournament organizers, and esports companies and recommendations from the appointed task force will help build domestic capacity for serving out markets and the global demand as well. Sunil Yadav, CEO, PlayerzPot The AVGC sector is one of the fastest growing sectors in India, and attracts a huge interest from a large cross section of the population. The announcement of the new AVGC task force is a welcome one, as we expect it will help to build domestic capacity and also serve the global demand. The task force has come at the right time, for those pursuing a career in gaming as the sector is booming right now and needs more talented youngsters to grow. With the government introducing digital rupee and a visible trend in crypto adoption, NFT’s will grow significantly. 5G services auction within FY 22-23 across the country will play an important role in the growth by further penetrating in the markets and also enhancing the gaming experience. As the honorable minister mentioned in her budget presentation, the gaming sector has the potential to become the torchbearer of 'Create in India' &amp; 'Brand India', on the same lines we were hoping for transparent and progressive regulation that will help differentiate games of skill from those of chance, because this is a key area of concern for the industry as a whole. Dilsher Singh Malhi, Founder &amp; CEO, Zupee The creation of the AVGC promotion task force is a welcome move. The initiative with industry participation will help in establishing uniform, progressive policies that will promote growth and investments in the sector, which in turn, will lead to job creation, revenue generation, and engagement opportunities. This will be a crucial step towards bridging the digital divide and unlocking a fully connected and empowered digital India. We believe that this initiative will pave the way for the Indian gaming industry to establish itself on a global stage. Rahul Tewari, Chief Financial Officer, Games24x7 The gaming industry welcomes the decision to set up a task force for Animation, Visual Effect, Gaming and Comics. AVGC taskforce can provide the long-term policy impetus and bring together the various stakeholders to turbocharge the vibrant ecosystem in gaming and animation. India has a deep and very high-quality talent pool of developers and creative artists who will transform India into a global player in the interactive entertainment space in the coming years. We hope this paves way for regularity clarity for gaming, a sector that has contributed immensely to India’s start-up success in the last few years. Manish Agarwal, CEO, Nazara Technologies Ltd. The government’s announcement of an AVGC task force to seek recommendation to create the way forward is a welcome move. As we know, India presently commands around 10% of the global AVGC market and has the potential to reach 20-25% by 2027. This taskforce will facilitate employment for the youth, build domestic capacity to serve the Indian markets and also meet global demand. <keyword id="3471731" type="General" weightage="20" keywordseo="roland-landers" source="Orion">Roland Landers</keyword>, CEO, The All-India Gaming Federation I am pleased that the government has announced a progressive budget; stating the gaming industry as a sector that generates various job opportunities for the youth while boosting the economy of the country. The ideas proposed for the sector are very encouraging. We are thrilled and look forward to the AVGC task force that will give a major boost to the game development sector by building scale and adding to the overall online skill gaming industry’s momentum. AIGF and the skill games council of domain experts will be happy to assist, if need be, in playing a consultative role for the same Likewise, the tax extension to four years will benefit the entire start-up ecosystem in online gaming which is in the excess of 300 companies. Furthermore, the Hon’ble FM’s announcement of the digital rupee launch will increase purchases of virtual goods in games through microtransactions. Finally, 5G auctions when implemented will enhance the gamer experience dramatically as well as facilitate the adoption of new technologies in gaming. Overall, the budget has opened more avenues for the gaming industry.

The gaming industry lauds the government’s decision to set up an Animation, Visual Effects, Gaming and Comics promotion task force

<ul><li>Finance Minister Nirmala Sitharaman presented the Union Budget for 2022-23 in Parliament on Tuesday.</li><li>This year's budget is indexed towards startups, MSMEs, infrastructure projects, rural revival, digital payment apps, telecom growth and affordable housing.</li><li>We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability, blockchain and push to MSME can impact the ad and marketing industry.</li></ul>Be it the introduction of a Digital University to make education accessible across the country or the proposed launch of a Digital currency by the Reserve Bank of India to the government’s focus on promoting digital payments and fintech, Finance Minister Nirmala Sitharaman made it is clear that digital is the way forward. The Union Budget 2022-23 aims to boost the country's digital infrastructure and enable a cashless economy. The government also announced that it will set up an Animation, Visual Effects, Gaming and Comics (AVGC) promotion task force to give a push to the animation and gaming industry. To facilitate the roll-out of 5G mobile services in India, FM Sitharaman said that Spectrum auctions will be conducted in 2022. This, in turn, will give impetus to Voice, Augmented Reality and Virtual Reality and pave the way for the Metaverse. The Digital Rupee using blockchain will help Indians accept virtual currency and accelerate cryptocurrency exchange in India. Overall, the budget also shows a promise for Electric Vehicle brands, digital payment apps, MSMEs, gaming industry and start-ups. We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability and blockchain can impact the advertising and marketing industry. Here’s what they said: Anupriya Acharya, South Asia CEO, Publicis Groupe: The Budget is positive, growth-oriented and with reforms in the right direction. The advent of 5G is sure to transform communications – for our industry it will help creation of better AV, voice and AR/VR experiences. It will also fuel digital payments, streaming entertainment, gaming, e-commerce, tele-medicine etc which in turn will aid more Unicorns! It is also heartening to note that a special Task Force is being set up for AVGC (Animation, Visual Effects, Gaming and Comic) as this will help us build the much needed capacity both for domestic as well as global markets. And then there have been no changes in income-tax slabs for people, which many consumer segments were worried about. This in turn boosts consumer sentiment. From e-passports, to battery swapping for electric vehicles, setting up of optic fiber in the remotest of villages, setting up of a digital university and skilling through an e-portal, the big push is for technology, digital infrastructure and empowerment. Narayan Devanathan, Chief Client Officer, dentsu India: Having gone through the 38-page document of the Finance Minister’s budget speech, I decided to do a search for a couple of words that I thought kept repeating throughout her speech. The words “will be” occurred 110 times in the entire speech. When I narrowed my search to the single word “will,” the number rose to 362. To me, those two words sum up the essence of what this year’s budget is and is not. What it is, is a future-focused budget, aiming at the distant vision of India@100, with a 25-year Amrit Kaal lead-up. What it is not, and what I felt was sorely needed this year of all years, is a present-focused budget. A punishing 2021 for the aam aadmi with more-than-usual expenditure on health and sustenance meant the general populace was looking for immediate relief that would place more cash in their household budgets. That did not happen. Nor was there any extraordinary investment in relieving the healthcare expenditure burden. For all the importance of farmers in upcoming poll-bound states, there was neither major sop nor stimulus given to back the importance of agriculture as a spine if not engine of the economy. Even the MSME sectors were only handed a slightly longer lease of life with the extension of the ECLGS, but there was no real move to stimulate consumption by placing more cash at consumers’ disposal, for example, extending LTA claims to restaurants (and not just accommodation). There is perhaps plenty for the industry to cheer about since it can afford to think about the future and a slightly longer term than just the here and now of survival. The stock market did cheer up even before the FM’s speech, but that only served to underscore the dichotomy between the real health of the population and the Minority of Haves. When the general population probably can’t afford to wait for the benefits of trickle-down economics to reach them in yet another trying year, the dreams and wheels of a consumer-driven economy might move slower than the industry might like, despite the many future-facing and progressive policies announced. Virat Tandon, Group CEO, MullenLowe Lintas Group: The union budget can be termed as consistent with the government's vision to reach the 5 trillion GDP mark by 2025-26. Hence, the strong focus on capex to boost infrastructure that connects and streamlines middle India and provides the engines of entrepreneurship across the length and breadth of the country. It also shows India's commitment to bring a digital first economy with the 5G rollout planned for next financial year, clarity on India's policy for cryptocurrency, data centres, EVs and our very own digital Rupee. Start-up culture will continue to flourish with the right policy framework. These investments and policies will generate jobs and go a long way in inclusive and sustainable growth for Bharat. Anurag Bansal, COO &amp; CFO, DDB Mudra Group: This Union Budget looks neutral, with no major changes in taxation. The launch of digital Rupee based on blockchain technology is a big move to bring in official cryptocurrency in India. New e-passports with embedded chips would definitely ease overseas travel. Managing the Fiscal deficit while pushing for growth and investments is a great balancing act taken on by the government. It will give a boost to capital investments and infrastructure development. Kartik Sharma - Group Chief Executive Officer – India, Omnicom Media Group: With an impetus on holistic growth, developing infrastructure and job creation across sectors, the 2022 union budget shows promise with a focus on the big picture. Reviving economic growth in the post-pandemic environment has been a focus for this government and this progressive, digital-first, and development-oriented budget reflects that. Not only does it provide a boost to the MSME, agriculture and healthcare verticals, but also signals that investing in infrastructure today will connect India better tomorrow. With an increased focus on digitization, some of the standouts for me were that the budget recognized the current gaps and opportunities within the education sector, and is advancing towards uplifting India with the creation of a digital ecosystem - one that is focused on upskilling and creating more employment; aligned with the dynamic needs of today. It also aims to further strengthen communications in the rural sector and build upon the overall financialization of India. Furthermore, while the rollout of a 5G ecosystem will improve the quality of services, the launch of digital money, supported by blockchain, signals an increasing focus on transparency. With consistency in strategic direction and focus on propelling the MSME and start-up ecosystem, this is a welcoming budget for new-age businesses and a hopeful one that will ultimately lead to a boost in the A&amp;M industry as well. We're at the cusp of the next stage of India's digital revolution and although certain factors like data privacy still remain an area to be delved deeper into, as infrastructure and banking penetrate further into rural India, we’re looking hopeful and strong to transform into a forward-leaning digital economy of tomorrow.” Deepak Mittal, CEO and Co-Founder, TO THE NEW: The government's unprecedented commitment to technology innovation and adoption in this union budget is highly encouraging. Breakthrough developments and futuristic technology such as the introduction of digital currency, the rollout of 5G within FY22-23, and e-passports using embedded chips are exciting for the country's future. Among the measures announced, the budget highlights special incentives to startups and the launch of a progressive, new portal encouraging a digital ecosystem for skilling and upskilling. These initiatives will serve as a successful catalyst for the country's economic growth. Atul Shrivastava, Group CEO &amp; Executive Director at Laqshya Media Group: The union Budget underlined the government’s focus on long-term growth. As India’s economic growth is estimated to be 9.2% in the upcoming financial year so it would be good for all the industry and with overall growth, we are sure advertising &amp; media will also show remarkable growth which was low due to the pandemic in the last couple of years. As announced the National Highways to be expanded by 25,000 km under PM Gati Shakti mission. Highways are adding a new dimension to the growth of the OOH Industry as advertising on the Highways is emerging as very strong choice for brand building for many categories. Prasad Shejale, Founder and CEO, Logicserve Digital: The FM has announced a very progressive budget with an intention to widen India's horizons and outlook in the next five years, leveraging emerging technologies. The Government has addressed some urgent priorities underpinning the digital sector, including the launch of digital currency, API-based skill credentials, digital learning channels, digitization of manual processes, etc. On the digital connectivity front, the 5G spectrum auctions will finally make the dream of a tech-savvy India a reality, further boosting the country's digital infrastructure. Additionally, the launch of a design-led manufacturing scheme for the 5G ecosystem as part of the PLI scheme will ensure affordable broadband and mobile communication even in far-flung areas. The availability of high-speed internet connectivity in urban as well as rural areas will encourage marketers to experiment with blockchain, AR, VR. On the skilling front, initiatives like establishing a digital university will provide an opportunity for youth to learn new skills from the comfort of their homes. The creation of a new task force to build domestic capacity in the Animation, Visual Effects, Gaming and Comic (AVGC) sector is commendable. The overall budget is future tech-enabled and balanced. Ahmed Aftab Naqvi, Global CEO &amp; Co-founder, GOZOOP Group: While there will always be hope for more and better, the continued push towards digital, fintech and the boost for start-up ecosystem with the extension of tax benefits till March 2023 along with capping the surcharge at 15% irrespective of the amount of long term capital gains, will fuel the fire of entrepreneurship in our nation. Varun Duggirala, Entrepreneur, Co-founder of The Glitch, Author, Content Creator and a Podcaster: The twin announcements of the digital rupee and the taxation on ‘virtual digital assets’ is clearly a focused drive from the government to regulate the crypto space. What needs to be seen is how this plays out because regulating a decentralized space is a paradox in itself. Another point that stood out for me was the national mental health program. More than anything else it signifies the normalizing of mental health as a legitimate area of focus for us as a nation. Shrenik Gandhi, CEO and Co-founder, White Rivers Media: In my opinion, it is a fairly balanced budget. There is sufficient emphasis being laid on up-skilling, and making right investments in tech which is the need of the hour. The previous budget was more inclined towards setting up a strong foundation in the digital space, and this one is essentially focused on making further advancements. Besides, Digital Rupee being introduced is indeed, a great news across sectors and it will be exciting to finally watch it become a reality. It can prove to be a game-changer in India's future as transactions will become even more instantaneous. Speaking of the expected benefits, let’s not forget that this is India’s #Budget and not a Big Bazaar scheme announcement. So, the immediate benefit may not be seen right now but considering the long-term narrative, it is a fairly established budget. Sahil Chopra, Founder &amp; CEO- iCubesWire: While the general trend of the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">union budget 2022</keyword> has its emphasis on ease of doing business, I strongly believe, data and digital occupied the centerpiece of the budget. The plans to focus and promote the fintech and digital economy are a very strong positive move. New age technologies, keeping data and digital at heart of it will allow the tech enablers to transform multiple industries. For MSMEs, the government has plans to outlay Rs 2 trillion which is again a welcoming move that will help in enhancing startups as well as entrepreneurial opportunities for all. Besides, extension on tax exemption to startups and promotion of startups to facilitate ‘Drone Shakti’ through varied applications and drones as a service is also encouraging. The ambitious optical fibre to the villages under PPP in 2022-23 shall get the next 100M in the Digital Universe soon. To sum up, it’s a positive budget for the digital sector which has always vouched for a strong digital infrastructure in the country." Chetan Asher, Founder and CEO, Tonic Worldwide: The budget clearly will help the country march towards digital adoption and transformation in many sectors. With 5G rollout on the cards we will see an acceleration across the board. The digital rupee will put India right up on the map of advanced digital economies. Clarity on Digital assets and crypto will give it new impetus. All of these initiatives will help us emerge as leaders in adoption and growth of blockchain technology Ambika Sharma, Founder &amp; MD, Pulp Strategy: The Budget is interesting as the Government has focused on all sectors. The financial support for the digital payments ecosystem is a welcome move and further reaffirms the Government of India's digital banking push. This push on digitization will make way for more inclusion in the ecosystem. The focus on 'Ease of doing business is a great step, as it will further promote entrepreneurship in the economy” . The 2022-23 budget finely balanced fiscal retreat with supporting economic recovery. The budget focused on a familiar strategy of driving capital expenditure to drive growth, to crowd in private investment through higher public spending. Although markets could be disappointed with a higher fiscal deficit of 6.4% of GDP for FY23 than expected, it is perhaps prudent to not undertake aggressive fiscal consolidation at this nascent stage of recovery. While elevated market borrowings are likely to pressurize bond yields, the inclusion of green bonds in the borrowing plan is an interesting innovation. In terms of specific policy announcements, the move towards self-reliance through protection for domestic manufacturers (change in custom and import duties) aligns with the long-term goal of Atmanirbhar Bharat. The government has extended the startup tax holiday and concessional tax for manufacturing startups by a year. While that was on the cards, it doesn’t address the core need of startups to be given a longer tax holiday of 5 years as required. One of the most encouraging aspects of the budget has been the announcement to set up an AVGC (animation, visual effects, gaming, and comics) promotion task force to plan and build domestic capacity for serving domestic as well as global markets. Loss from the transfer of virtual digital assets cannot be set off against any other income. The creation of a unified logistics platform and the developments of 100 new cargo terminals in the next three years are significant steps in improving the supply chain ecosystem in the country. Infrastructure status given to Data Centers will provide a huge boost to the fast-evolving digital environment of the country. The fiscal outcome is broadly in line with our expectations with the government having continued its focus on infrastructure and rural demand. Himanshu Arya, Founder and CEO, Grapes: The Union Budget for the financial year 2022-23 has set the stage with an invigorated focus on ramping up the process of the digital revolution. The government’s focus on the digital ecosystem is a progressive move to render an inclusive landscape for job openings and entrepreneurial opportunities. The extension of tax incentives for startups for one more year will give a slight relief to the industry. I hope that the cash flow improves in the market. The Union Budget has various encouraging initiatives and is directed towards a more viable and flexible business ecosystem that completely aligns with the ideologies of Make in India. Siddharth Devnani, Co-Founder &amp; Director, SoCheers: Digital and digitization stood out as a strong overall trend in the Union Budget 2022. The budget put a great focus on long-term growth and given how intricately ‘digital’ was integrated into several measures, it can be seen as an integral part of that growth. Implementation of the Central Bank digital currency will definitively aid the growth of digital economy and finance in the country, opening doors for digital acceleration across sectors. The announcement about the new digital university and the renewed focus on digital learning, further presents an opportunity, especially to the fast-evolving Educational Technology sector. However, a definite plan on how this will pan out for all corners of India remains to be seen. Moreover, digital will also be leveraged in the set-up and operation of tele-mental health centres, providing the necessary focus and access to mental health services to the Indian masses. This comes as one of the most welcome move as it’ll contribute infinitely to the nation’s long-term growth.

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