India is making a bold move to cement its position as a global leader in the creators’ economy with the announcement of a USD 1 billion fund, unveiled by the Central government on Thursday, March 13. This landmark initiative comes as the country gears up to host the inaugural World Audio Visual and Entertainment Summit (WAVES) in Mumbai from May 1-4, 2025, drawing participation from over 100 countries.
India bets big on creators with $1 billion fund ahead of WAVES Mumbai debut
A $1 Billion Boost for Creators
Union Minister for Information and Broadcasting Ashwini Vaishnaw introduced the USD 1 billion fund. “This fund will be dedicated to ensuring that the energetic creators, who are using the latest technologies, will be able to access capital, hone their skills, upgrade their production levels, and reach the global markets,” Vaishnaw stated during a high-profile event in New Delhi. The fund aims to support creators in fields like animation, gaming, VFX, and digital content, ensuring they have the resources to produce world-class work.
Managed through a public-private partnership, this financial injection is expected to propel Indian content onto the international stage, aligning with the government’s “Create in India” vision. The announcement has sparked excitement among industry experts who see it as a game-changer for India’s $28 billion media and entertainment sector, projected to grow to $54 billion by 2026.
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WAVES Summit: A Global Stage for Media and Entertainment
The WAVES Summit, set to take place in Mumbai, is being positioned as a landmark event akin to the World Economic Forum in Davos. External Affairs Minister S. Jaishankar, alongside Vaishnaw and Maharashtra Chief Minister Devendra Fadnavis, hosted envoys from over 100 nations to promote the summit. “The world is already witnessing economic and political rebalancing. This is now moving to its technology and its cultural facets as well. Real globalization is not about a single narrative or one truth; it is about capturing the enormous diversity of our people on our planet,” Jaishankar said.
Prime Minister Narendra Modi will chair a Roundtable of top media CEOs during the event, highlighting its significance. Fadnavis added, “Mumbai, the entertainment capital of India, was the perfect permanent venue for the WAVES Summit, like Davos is for the World Economic Forum and Cannes is for the eponymous film festival.”
Indian Institute of Creative Technology Takes Root in Mumbai
In a parallel development, Vaishnaw announced the establishment of India’s first Indian Institute of Creative Technology (IICT) in Mumbai. The Maharashtra government has allotted land in Film City, Goregaon, for this state-of-the-art facility, with a budget of Rs 391 crore (approximately $47 million). The IICT will focus on training and research in emerging creative technologies, equipping the next generation of creators with world-class skills.
“This is a confluence of tech, media, and entertainment,” Vaishnaw noted, crediting Prime Minister Modi’s foresight for driving these initiatives. The institute is expected to become a cornerstone of India’s creative ecosystem, complementing the $1 billion fund.
“Create in India” Challenge: Unleashing Creative Talent
A precursor to WAVES, the “Create in India” Challenge has already captured global attention, receiving over Rs 25 lakh (2.5 million) submissions. Vaishnaw revealed that more than 80,000 creators have advanced to the next stage, with 1,000 finalists set to showcase their work at the summit. “The vision behind this initiative was to bring together the creative world and modern technological usage to create unique content,” he said, highlighting the challenge’s role in identifying and nurturing talent.
WAVES Features: Bazaar, Creatosphere, and Global Dialogue
The WAVES Summit will feature several key components. The WAVES Bazaar will serve as a marketplace for content showcases and buyer-seller meets, fostering business opportunities. The Creatosphere will offer young creators a platform to connect, learn, and collaborate through masterclasses, workshops, and networking sessions. Meanwhile, Jaishankar and Vaishnaw will host the Global Media Dialogue, with plenary sessions and panel discussions led by industry luminaries, as confirmed by Information and Broadcasting Secretary Sanjay Jaju.
Mumbai: The Epicenter of India’s Creative Future
With over 100 countries participating, WAVES is poised to establish Mumbai as a global media hub. The summit’s scale and the $1 billion fund signal India’s intent to lead the creators’ economy, blending its rich cultural heritage with technological innovation. As the countdown to May 1 begins, the world is watching India’s creative renaissance unfold.
Also Read: Shah Rukh Khan REACTS to PM Narendra Modi’s announcement of WAVES 2025, calls it “occasion that champions and fosters creativity”: “It is with great anticipation that I look forward to”
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