The Centre has unveiled a USD 1 billion fund aimed at enhancing the emerging creators’ economy in the country and has reached out to ambassadors from over 100 nations to invite their participation in the inaugural World Audio Visual and Entertainment Summit (WAVES) set to take place in Mumbai.

Scheduled for May 1 to 4, India is positioning WAVES as the first convergence platform for the media and entertainment sector, akin to the World Economic Forum in Davos, which gathers international leaders from governance and business. The WAVES Bazaar will serve as a marketplace, showcasing content and facilitating buyer-seller meetings to create business opportunities.

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External Affairs Minister S. Jaishankar, Information and Broadcasting Minister Ashwini Vaishnaw, and Maharashtra Chief Minister Devendra Fadnavis hosted the ambassadors and invited them to a Roundtable with top media CEOs, which will be chaired by Prime Minister Narendra Modi during the WAVES summit.

During the meeting, Fadnavis emphasized that Mumbai, known as the entertainment capital of India, is the ideal permanent venue for the WAVES summit, just as Davos is for the World Economic Forum and Cannes is for its renowned film festival.

Jaishankar noted that the world is currently experiencing economic and political rebalancing, which is now extending to technology and cultural dimensions. He stated, “True globalization is not about a single narrative or one truth; it encompasses the vast diversity of our global population.”

Vaishnaw announced the establishment of a USD 1 billion fund dedicated to the creators’ economy, stating, “This fund will empower dynamic creators utilizing the latest technologies to access capital, refine their skills, enhance their production capabilities, and reach global markets.”

Additionally, he revealed plans for the first Indian Institute of Creative Technology to be built in Mumbai, with the Maharashtra government already allocating land in Film City at Goregaon. Vaishnaw mentioned that the ‘Create in India Challenge,’ a precursor to WAVES, has garnered over 2.5 million submissions, with more than 80,000 creators advancing to the next stage of the challenge.

From these 80,000 entries, 1,000 participants will compete in the finals of various challenges during the WAVES summit, according to the minister. He explained that the initiative aims to unite the creative sector with modern technology to produce unique content.

Vaishnaw also highlighted the participation of over 100 countries, emphasizing the convergence of technology, media, and entertainment. Information and Broadcasting Secretary Sanjay Jaju stated that Jaishankar and Vaishnaw will lead the Global Media Dialogue, while the Thought Leaders Track will feature plenary sessions and panel discussions with industry leaders.

Jaju added that the Creatosphere at WAVES will provide a platform for young creators to connect, learn, and collaborate through masterclasses, workshops, and networking opportunities.