India Unveils USD 1B Fund for Creators' Economy Ahead of WAVES

On Thursday, the Centre unveiled a USD 1 billion fund aimed at boosting the emerging creators' economy in the country. In addition, it reached out to ambassadors from over 100 nations, inviting their participation in the inaugural World Audio Visual and Entertainment Summit (WAVES), set to take place in Mumbai. External Affairs Minister S. Jaishankar, Information and Broadcasting Minister Ashwini Vaishnaw, and Maharashtra Chief Minister Devendra Fadnavis met with the envoys, encouraging them to attend the Roundtable with top media CEOs, which will be chaired by Prime Minister Narendra Modi during the WAVES summit.

India is set to host WAVES from May 1 to 4, positioning it as the first major convergence platform for the media and entertainment sector, similar to the World Economic Forum in Davos, which brings together global leaders from governance and business.

Fadnavis stated that Mumbai, known as the entertainment capital of India, would be an ideal permanent location for the WAVES summit, much like Davos is for the World Economic Forum and Cannes is for its renowned film festival.

"The world is already witnessing economic and political rebalancing. This is now moving to its technology and its cultural facets as well. Real globalisation is not about a single narrative or one truth; it is about capturing the enormous diversity of our people on our planet," Jaishankar said.

Vaishnaw announced that a USD 1 billion fund will be created for the creators' economy.

"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 said.

The minister also revealed that the first Indian Institute of Creative Technology will be established in Mumbai, with the Maharashtra government having already allocated land at Film City in Goregaon.

Sanjay Jaju, the Secretary of Information and Broadcasting, announced that Jaishankar and Vaishnaw will host the Global Media Dialogue. The Thought Leaders Track will include plenary sessions and panel discussions led by industry experts.

The WAVES Bazaar will serve as a dynamic marketplace, featuring a content showcase and facilitating buyer-seller meetings to create valuable business opportunities.

Jaju mentioned that the Creatosphere at the WAVES will serve as a hub for young creators to connect, learn, and collaborate through masterclasses, workshops, and networking opportunities.

Vaishnaw stated that the 'Create in India Challenge', which precedes the WAVES, had garnered over 25 lakh submissions, with more than 80,000 creators advancing to the next stage of the challenge.

The minister mentioned that out of the 80,000 entries, 1,000 participants will compete in the finals of the various challenges held during the WAVES summit.

He explained that the vision behind this initiative was to unite the creative industry with modern technology to produce unique content.

Vaishnaw also emphasized that the event has participation from over 100 countries, making it a convergence of technology, media, and entertainment.