A $1 Billion fund is being created to boost the India creators’ economy, said Ashwini Vaishnaw Union Minister of Information and Broadcasting, Railways and MeitY at Global Media Dialogue ahead of the World Audio Visual and Entertainment Summit (WAVES) on Thursday. The function took place at Sushma Swaraj Bhawan, New Delhi, to encourage participation from various governments before the WAVES Declaration in Mumbai on May 2.
In his keynote speech, Minister Vaishnaw announced that a $1 Billion fund will be created for the creators’ economy. This fund will be dedicated to ensuring that the energetic creators, who are using the latest technologies today, will be able to access capital, hone their skills, upgrade their production levels, and reach the global market.
The Union Minister also clarified that the Global Media Dialogue will not focus on regulation but will serve as a platform for exchanging views and sharing perspectives.
Speaking on Cabinet approving the establishment of the Indian Institute of Creative Technologies (IICT), similar to IITs, IIMs, and AIIMS —Vaishnaw said that IICT will be established in Film City, Goregaon Mumbai, and to establish IICT, `391 Crore has already been sanctioned.
Vaishnaw shared that over 25 Lakh submissions were received, more than 80000 creators participated and out of which only 1000 will be selected. “...so, it is a democratic online process. The vision behind this initiative, as stated by the Prime Minister, is to bring together the creative world and modern technological usage to create unique content,” he said.
The Minister also highlighted that over 100 countries are participating in it and it is a confluence of tech, media and entertainment. “Technology will serve as the base for this (WAVES) platform, bringing creators together from diverse fields,” he added.
The advisory body of WAVES includes members (over 34) from the media and entertainment industry to guide the entire journey, ensuring practical planning and execution.
External Affairs Minister S Jaishankar, Union Minister of State for Information and Broadcasting and Parliamentary Affairs Dr L Murugan, along with Maharashtra Chief Minister Devendra Fadnavis and I and B Secretray Sanjay Jaju also spoke on the occassion. Over 100 Ambassadors and High Commissioners also attended to explore opportunities for global synergy in the media and entertainment sector.
“Mumbai is not just the financial capital but also the entertainment capital of India. This global platform (WAVES), being hosted here, will highlight Mumbai as the creative and entertainment hub and will position Maharashtra and Mumbai as global brands. This platform will play a vital role in making India a leader in the creative economy. The summit will also coincide with Maharashtra Day. We are confident that this summit will bring together creative minds from around the world, including those from technology and entertainment,” CM Fadnavis said.