March 14, 2025
A new Indian Institute of Creative Technology (IICT) will be established in Mumbai, with an initial allocation of INR 400 crore
Union Information and Broadcasting Minister Ashwini Vaishnaw announced this during a briefing with foreign envoys about the upcoming WAVES 2025 Summit
Prime Minister Narendra Modi will inaugurate the WAVES (World Audio Visual & Entertainment) Summit, which will be held in Mumbai from May 1 to 4
Maharashtra Chief Minister Devendra Fadnavis highlighted the state's commitment to shaping the future of global media through innovation and alliances
Union Information and Broadcasting Minister Ashwini Vaishnaw announced on Thursday that the government of India has created a US$1 billion fund to boost the country’s creative economy. He also revealed plans to establish the first Indian Institute of Creative Technology (IICT) in Mumbai, backed by INR 400 crore in funding.
The announcement was made on the sidelines of a session with ambassadors and high commissioners, organised to provide a preview of the upcoming WAVES (World Audio Visual & Entertainment) Summit, scheduled to take place in Mumbai from May 1 to 4. Prime Minister Narendra Modi will inaugurate the summit.
Vaishnaw noted that global CEOs and content creators will participate in the summit, which is expected to showcase India’s growing footprint in the media and entertainment industry. He confirmed the US$1 billion fund would be created through a public-private partnership. He added that the IICT in Mumbai would serve as a dedicated institution to develop and nurture creative talent in the country.
Speaking at the ‘WAVES 2025’ session held at Sushma Swaraj Bhawan in New Delhi, Maharashtra Chief Minister Devendra Fadnavis expressed enthusiasm about the initiative, stating that the Maharashtra government looks forward to witnessing discussions, innovation, and strategic collaborations that could shape the global media landscape.
External Affairs Minister S Jaishankar, Minister of State L Murugan, and representatives from over 100 foreign missions attended the session.
Jaishankar observed that the world is also witnessing cultural rebalancing alongside economic and political shifts. He remarked that being truly global necessitates being deeply rooted in the local and said that WAVES 2025 embodies this philosophy. He urged ambassadors and high commissioners to convey to their governments the range of global partnership opportunities available under the WAVES initiative.
Fadnavis also emphasised India’s leadership in digital content, pointing out that the country currently hosts nearly 60 OTT platforms—more than many Southeast Asian countries and advanced markets like the UK, Japan, South Korea, and Australia—underscoring the rising potential of India’s online video ecosystem.
Source: Indian Express