Indian Govt to Launch $1B Creative Economy Fund, Says Ashwini Vaishnaw

On Thursday, Union Information and Broadcasting Minister Ashwini Vaishnaw announced the establishment of a fund worth $1 billion to support the creative economy of the nation and a Rs 400-crore investment for establishing the first Indian Institute of Creative Technology (IICT) in Mumbai.

Being in between meetings with various ambassadors and high commissioners, Vaishnaw informed of the first-ever WAVES (World Audio Visual & Entertainment) Summit, to be held in Mumbai from May 1 to May 4, with the Prime Minister to inaugurate the event.

“CEOs and creators from all over the world will join (the summit). We are also setting up a fund of $1 billion in public-private partnership. The first Indian Institute of Creative Technology (IICT) is being established in Mumbai with funds of about Rs 400 crore," Vaishnaw said.

During his address at the 'WAVES 2025' session at Sushma Swaraj Bhawan in New Delhi, Maharashtra Chief Minister Devendra Fadnavis stated that the state government is “excited to witness discussions, innovations and strategic alliances that will define the future of the global media landscape as we engage in this dialogue”.

The event was also attended by External Affairs Minister S. Jaishankar, Minister of State L. Murugan, and diplomats from more than 100 foreign missions.

Jaishankar said, “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 also urged the envoys to familiarise their respective governments regarding the opportunities of global collaborations under WAVES 2025.

Fadnavis highlighted that India now boasts nearly 60 OTT platforms, outpacing Southeast Asian countries as well as developed markets such as the UK, Japan, South Korea, and Australia, while also emphasizing the vast potential of India's online video industry.

“Looking ahead, India's online video industry alone has the potential to attract $17 billion in investments over the next five years...," CM Fadnavis said.