The Central government has announced that it will invest $1 billion to support the “creators’ economy” in the country. The funds will be used to enable creators to enhance their skills, upgrade their production, and expand into global markets, according to Information and Broadcasting Minister Ashwini Vaishnaw.
Earlier this week, the government hosted a high-level session to engage the international community ahead of the World Audio Visual and Entertainment Summit (WAVES) 2025, which is slated to take place in Mumbai from May 1-4.
External Affairs Minister S. Jaishankar, Mr. Vaishnaw, Maharashtra Chief Minister Devendra Fadnavis, and Minister of State for Information and Broadcasting L. Murugan were present at the high-level session, as were about 100 Ambassadors and High Commissioners.
A key highlight of the event was a Memorandum of Understanding exchange between the I&B Ministry and the Maharashtra government for strengthening collaboration in media, entertainment, and digital outreach.
“The intersection of creativity, media and technology is transforming the media landscape of the world and reaching a new level of convergence…we are inviting some of the biggest names of technology, media and entertainment for WAVES 2025…,” Mr. Vaishnaw said, addressing the session.
“WAVES will serve as a pivotal platform for fostering discussions, collaboration, and innovation for the Media and Entertainment industry. This event will unite industry leaders, stakeholders, and innovators to explore opportunities, address challenges, and shape the future of the sector,” Mr. Jaishankar said in his address.
He said the economic and political rebalancing was moving towards cultural balancing. “We are not truly global if we are not truly local. WAVES 2025 captures the spirit of this endeavour,” he said, urging the Ambassadors and High Commissioners to familiarise their governments regarding the opportunities of global collaborations under WAVES 2025.
Mr. Fadnavis said Mumbai, being the financial and entertainment capital of India, would serve as the perfect backdrop for WAVES 2025, seamlessly blending ancient and modern cultural influences while fostering collaboration and cultural diplomacy in the media and entertainment sector.
In his closing remarks, Mr. Murugan said the WAVES Summit 2025 has opened the door to joint ventures, co-productions, and business expansion, enabling global media companies to engage with India’s creative sector. He said the government was creating a conducive environment for the sector.
“The integration of WAVES 2025 within the Orange Economy highlights its role in leveraging the media and entertainment industries for economic growth and job creation. This aligns perfectly with its mission of global harmony, as creative industries serve as powerful tools for cultural exchange and unity…the sector serves as a powerful catalyst for cultural diplomacy, bridging divides between people, cultures, and nations,” the government said in a statement.
Published – March 15, 2025 05:45 pm IST
entertainment (general)
