Minister Ashwini Vaishnaw Announces $1 Bn Fund To Boost Creator Economy

The Union Information and Broadcasting Minister Ashwini Vaishnaw announced on Thursday that the government has decided to set up a fund of $1 billion to support the country’s creative economy.

He further announced a Rs 400-crore allocation for the first Indian Institute of Creative Technology (IICT) in Mumbai.

Ashwini Vaishnaw announces funds to promote India's creator economy

At a press conference held at Sushma Swaraj Bhawan, New Delhi, Vaishnaw addressed reporters on the sidelines of a session with ambassadors and high commissioners to brief them on the first WAVES (World Audio Visual & Entertainment) Summit to be held in Mumbai from May 1 to 4.

“The intersection of creativity, media and technology is transforming the media landscape of the world and reaching a new level of convergence," Vaishnaw said.

Prime Minister Narendra Modi will inaugurate the Mumbai summit.

“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,” the Minister said.

Maharashtra CM Devendra Fadnavis said 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”.

External Affairs Minister S Jaishankar, MoS L Murugan and envoys from over 100 Foreign Missions were also present.

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 for global collaborations under WAVES 2025.

Fadnavis remarked that India has nearly 60 OTT platforms, surpassing Southeast Asian nations and developed markets like the UK, Japan, South Korea and Australia, while also underlining the potential of India’s online video industry.

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