India Launches $1 Billion Fund for Creators
In a significant move to enhance its position in the global creators’ economy, India has announced a USD 1 billion fund aimed at supporting creators across various sectors. The initiative was unveiled by the Central government on March 13, coinciding with preparations for the inaugural World Audio Visual and Entertainment Summit (WAVES) scheduled for May 1-4, 2025, in Mumbai. This ambitious plan is expected to attract participation from over 100 countries, marking a pivotal moment for India’s media and entertainment landscape.
A $1 Billion Boost for Creators
Union Minister for Information and Broadcasting, Ashwini Vaishnaw, introduced the USD 1 billion fund during a high-profile event in New Delhi. He emphasized that the fund is designed to empower energetic creators who leverage cutting-edge technologies. “This fund will ensure that creators can access capital, enhance their skills, upgrade production quality, and reach global markets,” Vaishnaw stated. The initiative targets creators in animation, gaming, visual effects (VFX), and digital content, providing them with the necessary resources to produce world-class work.
The fund will be managed through a public-private partnership, aiming to elevate Indian content on the international stage. This initiative aligns with the government’s “Create in India” vision and has generated enthusiasm among industry experts. Many view it as a transformative step for India’s $28 billion media and entertainment sector, which is projected to grow to $54 billion by 2026.
WAVES Summit: A Global Stage for Media and Entertainment
The upcoming WAVES Summit in Mumbai is being positioned as a landmark event, comparable to the World Economic Forum in Davos. External Affairs Minister S. Jaishankar, along with Vaishnaw and Maharashtra Chief Minister Devendra Fadnavis, hosted diplomats from over 100 nations to promote the summit. Jaishankar remarked, “The world is witnessing economic and political rebalancing, now extending to technology and cultural aspects. Real globalization captures the diversity of our planet.”
Prime Minister Narendra Modi is set to chair a Roundtable of top media CEOs during the summit, underscoring its importance. Fadnavis highlighted Mumbai as the ideal permanent venue for WAVES, akin to Davos for the World Economic Forum and Cannes for its film festival.
Indian Institute of Creative Technology Takes Root in Mumbai
In a related development, Vaishnaw announced the establishment of India’s first Indian Institute of Creative Technology (IICT) in Mumbai. The Maharashtra government has allocated 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, preparing the next generation of creators with world-class skills.
Vaishnaw noted, “This is a confluence of tech, media, and entertainment,” attributing the initiative to Prime Minister Modi’s vision. The institute is expected to play a crucial role in India’s creative ecosystem, complementing the newly announced $1 billion fund.
“Create in India” Challenge: Unleashing Creative Talent
As a precursor to WAVES, the “Create in India” Challenge has gained international attention, receiving over Rs 25 lakh (2.5 million) submissions. Vaishnaw revealed that more than 80,000 creators have progressed to the next stage, with 1,000 finalists set to showcase their work at the summit. “The vision behind this initiative was to unite the creative world with modern technology to create unique content,” he explained, emphasizing the challenge’s role in identifying and nurturing talent.
WAVES Features: Bazaar, Creatosphere, and Global Dialogue
The WAVES Summit will include several key components. The WAVES Bazaar will act as a marketplace for content showcases and buyer-seller meetings, fostering business opportunities. The Creatosphere will provide young creators with a platform to connect, learn, and collaborate through masterclasses, workshops, and networking sessions. Additionally, Jaishankar and Vaishnaw will host the Global Media Dialogue, featuring plenary sessions and panel discussions led by industry leaders, as confirmed by Information and Broadcasting Secretary Sanjay Jaju.
Mumbai: The Epicenter of India’s Creative Future
With participation from over 100 countries, WAVES is set to position Mumbai as a global media hub. The summit’s scale, combined with the $1 billion fund, signals India’s commitment to leading the creators’ economy, merging its rich cultural heritage with technological innovation. As the countdown to May 1 begins, the world is poised to witness India’s creative renaissance unfold.
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