India is taking a significant step forward in the creators’ economy by launching a $1 billion fund, announced by the Central government on March 13. This exciting initiative comes just ahead of the first World Audio Visual and Entertainment Summit (WAVES) to be held in Mumbai from May 1-4, 2025, with participation expected from over 100 countries.
Union Minister for Information and Broadcasting Ashwini Vaishnaw introduced the fund, emphasizing its aim to help dynamic creators access capital, enhance their skills, and improve their production quality. This fund will primarily support sectors like animation, gaming, visual effects, and digital content, providing creators with the resources needed to produce world-class projects.
The fund will be managed through a collaboration between public and private sectors, heralding a new era for Indian content on the global stage. Experts in the industry are enthusiastic about this development, seeing it as a pivotal moment for India’s media and entertainment sector, which is valued at $28 billion and expected to grow to $54 billion by 2026.
The WAVES Summit is set to be a notable global event, comparable to the World Economic Forum in Davos. External Affairs Minister S. Jaishankar, along with Vaishnaw and Maharashtra Chief Minister Devendra Fadnavis, has been promoting the summit to envoys from around the world. Jaishankar highlighted the importance of sharing diverse narratives and cultures, stating that real globalization captures the rich variety of human experience.
Prime Minister Narendra Modi will lead a discussion with top media executives during the summit, underscoring its significance. Fadnavis remarked that Mumbai, known as India’s entertainment capital, is the ideal location for WAVES, much like Davos for the World Economic Forum.
In a related announcement, the establishment of India’s first Indian Institute of Creative Technology (IICT) in Mumbai was revealed. The Maharashtra government has allocated land in Film City, Goregaon, for this new facility, which has a budget of around Rs 391 crore (approximately $47 million). The IICT will focus on training and research in creative technologies, preparing future creators with essential skills.
Vaishnaw credited Prime Minister Modi for his vision and support in bringing these initiatives to life. This institute is anticipated to play a crucial role in India’s creative landscape, complementing the new $1 billion fund.
Before the WAVES Summit, the “Create in India” Challenge has already gained global attention, with over 2.5 million submissions received. Vaishnaw announced that more than 80,000 creators have advanced to the next level, with 1,000 finalists slated to present their work at the summit. The initiative aims to merge creativity with modern technology, identifying and fostering new talent.
The WAVES Summit will feature several key elements, including the WAVES Bazaar, a marketplace for showcasing content and fostering business connections. The Creatosphere will provide a platform for young creators to network and learn through various workshops and sessions. Additionally, a Global Media Dialogue will be hosted by Jaishankar and Vaishnaw, featuring discussions led by industry leaders.
With participation from over 100 nations, WAVES is poised to establish Mumbai as a major global media hub. This summit and the $1 billion fund highlight India’s ambition to lead in the creators’ economy, merging its diverse cultural heritage with cutting-edge technology. As the date approaches, the world is keenly observing India’s creative growth unfold.
