MUMBAI: Prime Minister Narendra Modi, while inaugurating the World Audio Visual and Entertainment Summit (WAVES) on Thursday, said that India’s creative economy will contribute significantly to the country’s GDP in the coming years.
“India’s Orange Economy stands on three strong pillars – content, creativity, and culture; therefore, in the coming years, India’s creative economy will hold a significant share in the country’s GDP,” said Prime Minister Narendra Modi while inaugurating the World Audio Visual and Entertainment Summit (WAVES).
Highlighting global opportunities, he added, “The global animation market is currently worth over USD 430 billion and is expected to double in the next 10 years. The WAVES summit will open new doors of success for India's animation and graphics industry.”
PM Modi inaugurated the World Audio Visual and Entertainment Summit 2025 (WAVES) in a grand ceremony held at the Jio World Convention Centre in Mumbai. The event was attended by Governor C.P. Radhakrishnan, Chief Minister Devendra Fadnavis, Union Ministers Ashwini Vaishnaw (Railways and I&B), S. Jaishankar (External Affairs), Dr. L. Murugan (MoS I&B), Deputy Chief Ministers Eknath Shinde and Ajit Pawar, and several national and international dignitaries.
He said, “Indian films have now reached audiences across the globe. Today, Indian films are screened in more than 100 countries. Foreign audiences are not just watching Indian films but also trying to understand them. A notable aspect of Indian cinema is that many international viewers are watching Indian content with subtitles. India has become a global hub for film production, digital content, gaming, fashion, and music,” Modi said.
PM Modi highlighted the importance of not reducing humans to mere machines, emphasising the need to enrich their lives and sensitivity. He pointed out that true human progress cannot be measured only by technology, information, or speed. Instead, the value of music, art, and dance must also be recognised.
He noted that creative individuals, with their energy and efficiency, are capable of leading a creative revolution. Modi called on creative minds from around the world to join efforts in making India a global hub of creativity.
Modi emphasised, “Today, the world is seeking new ways to share stories and ideas. India holds a priceless treasure of narratives and concepts that span thousands of years. This rich storytelling heritage should be shared across the globe and presented to future generations in fresh and captivating ways.”
He said, India is emerging as a global hub for film production, digital content, gaming, fashion, music and live concerts so the investors should believe it and start investing in it.
“In India, growth has been witnessed in the OTT platform. The Screen size may be getting smaller but the scope is infinite. The screen is getting micro, but the message is mega so youth can play a major role,” he said adding there are no boundaries or baggage in the youth's spirit and working style,” he added.
Modi highlighted the boundless creativity of the youth, noting that it flows freely without hesitation or reluctance. He described WAVES as a wave of culture, creativity, and global connection, emphasising how it showcases India's creative strengths on the international stage.
He also pointed out that India, with its population of over a billion, is a land of a billion-plus stories. From the outset, the Summit has been filled with purpose, and in its first edition, WAVES has already captured the attention of the world.
Modi highlighted the significance of the summit in Mumbai, where over 100 artists, innovators, investors, and policymakers from across the globe have come together under one roof. He emphasized that they are collectively laying the foundation for a global ecosystem that celebrates talent, creativity, and innovation on an international scale.
The Prime Minister also pointed out that on this day, May 3, 112 years ago in 1913, India’s first feature film, Raja Harishchandra, was released, produced by Dadasaheb Phalke, whose birth anniversary was celebrated yesterday. Modi noted that in the last century, Indian cinema has played a pivotal role in taking India to every corner of the world.
Maharashtra CM Fadnavis says India is ready to lead as a Creative Superpower
Maharashtra Chief Minister Devendra Fadnavis at the WAVE summit on Thursday said that the entertainment industry will play a significant role in the state’s development, and India is ready to lead as a creative superpower.
CM Devendra Fadnavis said that various sectors are contributing to Maharashtra’s growth, and in the coming years, the entertainment industry will play a significant role in the state’s development.
“The Media and Entertainment City will be developed across 120 acres within Mumbai's 500-acre Film City. That will be dedicated especially to animation, gaming, and visual effects (VFX). Both of these projects will be launched in the coming months,” he said.
CM Fadnavis further emphasised that through the WAVES Summit, India has showcased its leadership in the creative sector. He stated, “Under the leadership of Prime Minister Narendra Modi, India has emerged as a global economic powerhouse, and now the country is poised to lead in the creative industry as well.”
Highlighting Maharashtra's strengths in information technology, skills, and talent, the Chief Minister invited everyone to embrace India's new ‘Creative WAVES’.
“The entertainment sector is the new growth engine for Maharashtra and India. In the digital age, content travels faster than any product, and Maharashtra is at the forefront of this revolution. WAVES is not just a summit but a movement, inspired by Prime Minister Narendra Modi and taking shape in Maharashtra,” he added.
He further added, “Today, digital content, music, animation, and games are being shaped at a global level. The state government is creating a conducive environment and will implement robust policies to support this transformation.”
Union Minister Ashwini Vaishnaw announced that for the first time, the Indian Institute of Creative Technology (IICT) will be established in Mumbai, with the central government approving a funding of Rs 400 crore. Global giants like Google, Apple, Microsoft, and Adobe will collaborate in setting up the institute. In his welcome address, Vaishnaw stated, “Through WAVES, India is progressing towards becoming a global hub for the creative industry.”