Mumbai: The Indian government has announced a groundbreaking $1 billion fund to boost the creator economy, a significant move that aims to empower digital content creators through access to capital, skill development, and global market integration.
The announcement was made at a press briefing after a high-level session of the World Audio Visual & Entertainment Summit (WAVES) 2025, which is set to be held in Mumbai from May 1st to 4th. Around 100 Ambassadors and High Commissioners were part of the event.
Union Minister for Information & Broadcasting, Railways, and Electronics & IT, Ashwini Vaishnaw, highlighted the fund's role in fostering innovation in India's media and entertainment sector. He stated that the initiative would ensure that creators using cutting-edge technology could scale up their production quality and reach international audiences.
"A $1 billion fund will be created for the creator's economy which will be basically for making sure that all our energetic creators using the latest technologies today, they will be able to get access to capital and hone their skills, upgrade their production levels and reach out to the global market," Vaishnaw said.
The fund is expected to be structured as a public-private partnership (PPP), with details of government contributions and private-sector involvement to be released soon.
Addressing the gathering during the high-level session, Vaishnaw said the intersection of creativity, media and technology is transforming the media landscape of the world. He also noted that WAVES will give creators a platform to create high value content.
Maharashtra Chief Minister Devendra Fadnavis highlighted Mumbai’s role as the entertainment capital of India and expressed his commitment to making WAVES 2025 a landmark event. He called for the summit to become a permanent fixture in Mumbai, much like the World Economic Forum in Davos or the Cannes Film Festival in France.
"Mumbai is not just the financial capital but also the entertainment capital of India. Such a platform will be very beneficial for the country and Mumbai," Fadnavis said.
The summit is expected to attract participation from around 100 countries, featuring top media, technology, and entertainment professionals. The event will also facilitate discussions on the latest advancements in audiovisual technology and digital content creation.
Alongside the $1 billion fund, the government has also sanctioned Rs 391 crore for establishing the Indian Institute of Creative Technology (IICT), aimed at fostering expertise in creative and digital technologies. This institute, modeled after IITs and IIMs, will be headquartered in Mumbai’s Film City, Goregaon.
The event will also showcase a creator challenge program, which saw participation from over 25 lakh individuals, with 80,000 submitting their final content. From these, 1,000 top creators will be selected, providing a democratic platform for talent recognition in India's digital economy.
The Waves 2025 summit will serve as a platform for India to showcase its cultural storytelling traditions, further strengthening its soft power on the global stage. The initiative aligns with the government's vision of making India a trillion-dollar creative economy.
Sanjay Jaju, Secretary, I&B in his remarks, said WAVES is the world’s first convergence platform for the entire Media & Entertainment sector. "Our goal is to bridge the gap between traditional and emerging media, build global partnerships, and utilise India’s rich cultural traditions in content creation and technological innovation," he added.
The Global Media Dialogue will feature ministers and policymakers, culminating in the WAVES Declaration as a guiding policy document. The Thought Leaders Track will host knowledge-sharing sessions with industry experts. The WAVES Exhibition will showcase storytelling innovations, immersive experiences, and a gaming arena. The Bharat Pavilion will highlight India's media heritage and future.
Jaju also said that the WAVES Bazaar will facilitate business networking, while the WaveXcelerator will support media startups with mentorship and funding. WAVES Culturals will feature diverse performances, blending Indian and international talent.
The announcement was made at a press briefing after a high-level session of the World Audio Visual & Entertainment Summit (WAVES) 2025, which is set to be held in Mumbai from May 1st to 4th. Around 100 Ambassadors and High Commissioners were part of the event.
Union Minister for Information & Broadcasting, Railways, and Electronics & IT, Ashwini Vaishnaw, highlighted the fund's role in fostering innovation in India's media and entertainment sector. He stated that the initiative would ensure that creators using cutting-edge technology could scale up their production quality and reach international audiences.
"A $1 billion fund will be created for the creator's economy which will be basically for making sure that all our energetic creators using the latest technologies today, they will be able to get access to capital and hone their skills, upgrade their production levels and reach out to the global market," Vaishnaw said.
The fund is expected to be structured as a public-private partnership (PPP), with details of government contributions and private-sector involvement to be released soon.
Addressing the gathering during the high-level session, Vaishnaw said the intersection of creativity, media and technology is transforming the media landscape of the world. He also noted that WAVES will give creators a platform to create high value content.
Maharashtra Chief Minister Devendra Fadnavis highlighted Mumbai’s role as the entertainment capital of India and expressed his commitment to making WAVES 2025 a landmark event. He called for the summit to become a permanent fixture in Mumbai, much like the World Economic Forum in Davos or the Cannes Film Festival in France.
"Mumbai is not just the financial capital but also the entertainment capital of India. Such a platform will be very beneficial for the country and Mumbai," Fadnavis said.
The summit is expected to attract participation from around 100 countries, featuring top media, technology, and entertainment professionals. The event will also facilitate discussions on the latest advancements in audiovisual technology and digital content creation.
Alongside the $1 billion fund, the government has also sanctioned Rs 391 crore for establishing the Indian Institute of Creative Technology (IICT), aimed at fostering expertise in creative and digital technologies. This institute, modeled after IITs and IIMs, will be headquartered in Mumbai’s Film City, Goregaon.
The event will also showcase a creator challenge program, which saw participation from over 25 lakh individuals, with 80,000 submitting their final content. From these, 1,000 top creators will be selected, providing a democratic platform for talent recognition in India's digital economy.
The Waves 2025 summit will serve as a platform for India to showcase its cultural storytelling traditions, further strengthening its soft power on the global stage. The initiative aligns with the government's vision of making India a trillion-dollar creative economy.
Sanjay Jaju, Secretary, I&B in his remarks, said WAVES is the world’s first convergence platform for the entire Media & Entertainment sector. "Our goal is to bridge the gap between traditional and emerging media, build global partnerships, and utilise India’s rich cultural traditions in content creation and technological innovation," he added.
The Global Media Dialogue will feature ministers and policymakers, culminating in the WAVES Declaration as a guiding policy document. The Thought Leaders Track will host knowledge-sharing sessions with industry experts. The WAVES Exhibition will showcase storytelling innovations, immersive experiences, and a gaming arena. The Bharat Pavilion will highlight India's media heritage and future.
Jaju also said that the WAVES Bazaar will facilitate business networking, while the WaveXcelerator will support media startups with mentorship and funding. WAVES Culturals will feature diverse performances, blending Indian and international talent.
