NEW DELHI: Union minister for Information and Broadcasting (I&B) Ashwini Vaishnaw on March 13 announced a dedicated fund of one billion US dollars to empower the talented creators and boost the creator economy.
“For creator economy, a one-billion US dollar fund will be established. It is to make sure that all our energetic creators -- using the latest technologies today -- will be able to get access to the capital and hone their skills and upgrade production level to reach out to the international market,” said the minister.
He was speaking on the sidelines of a high-level session held in New Delhi, with about 100 foreign diplomats including ambassadors and High Commissioners to introduce the first World Audio Visual & Entertainment Summit (WAVES) being organised by the ministry.
The event was sought to engage the international community ahead of the Summit and to ensure maximum foreign participation. The four-day Summit starting on May 1 is scheduled to take place in Mumbai.
“The fund to be established will take WAVES forward. It will be implemented,” the minister added.
The fund will be implemented through Public Private Partnership (PPP) mode and modalities will be released later, Vaishnaw said.
He further informed that to establish the first Indian Institute of Creative Technologies (IICT) in Mumbai, Rs 391 crore had been sanctioned.
“Soon, along with the chief minister of Maharashtra, we will decide the building plan, faculty arrangements and how the media and entertainment sector will be reached out in the coming days,” he said.
Last year, the Union Cabinet approved the establishment of the Indian Institute of Creative Technologies on the lines of premium institutions such as Indian Institutes of Management (IIMs) and Indian Institutes of Technology (IITs).
Present on the occasion were union minister for external affairs S Jaishankar, chief Minister of Maharashtra Devendra Fadnavis, and Minister of State for information and broadcasting and Secretary Sanjay Jaju.
A key highlight of the event was the Memorandum of Understanding (MoU) exchange between I&B ministry and Maharashtra government strengthening collaboration in media, entertainment, and digital outreach.
Earlier, addressing the session, Jaishankar said that WAVES would serve as a pivotal platform for fostering discussions, collaboration, and innovation for the media and entertainment industry.
“This event will unite industry leaders, stakeholders, and innovators to explore opportunities, address challenges, and shape the sector's future. Economic and political rebalancing is moving towards cultural balancing. We are not truly global if we are not truly local. WAVES 2025 captures the spirit of this endeavour,” he said.
He further urged the ambassadors and high commissioners to familiarise their governments regarding the opportunities of global collaborations under WAVES 2025.
In his special remarks, Fadnavis said that WAVES 2025 is a movement underscoring the evolving role of media in technological advancements and social transformation.
“Mumbai, the financial and entertainment capital of India, serves as the perfect backdrop for WAVES 2025, seamlessly blending ancient and modern cultural influences while fostering collaboration and cultural diplomacy in the media and entertainment sector," he said.
"Maharashtra remains committed to fostering investment and building global partnerships that drive innovation,” he added.