Mumbai is set to host the inaugural World Audio Visual Entertainment Summit (WAVES) from May 1 to May 4, a global event that promises to spotlight India’s creative economy and solidify Mumbai’s status as the entertainment capital of the world. On Friday, Union Minister of Information and Broadcasting, Ashwini Vaishnaw, conducted a detailed review of the preparations for the event.
The summit is expected to see participation from over 100 countries, making it one of the largest gatherings for creators and entertainment professionals worldwide. During the review, Minister Vaishnaw praised the efforts of the Maharashtra government, stating, “Maharashtra and Mumbai have always been at the heart of creativity. WAVES will become the Oscars for the world and help accelerate the growth of the creators’ economy.”
Union Minister Vaishnaw had earlier 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.
Further expanding the state’s creative infrastructure, Maharashtra Chief Minister Devendra Fadnavis announced that 240 acres of land in Malad, Mumbai—owned by the I&B Ministry—will be developed into a global centre of creativity. This initiative will be co-developed by the state and central governments.
Chief Minister of Maharashtra, Devendra Fadnavis said, “The 240 acre land belonging to I&B Ministry in Malad, Mumbai will be co-created by the state and MIB to develop a global creative centre. This will benefit growth of creators economy.”
“We thank Prime Minister Narendra Modi for entrusting Mumbai with WAVES. Hosting it annually will be a proud moment for Maharashtra,” said Fadnavis.
As part of the long-term vision for nurturing creative talent, a Memorandum of Understanding was signed between the Ministry of Information and Broadcasting (MIB) and the Maharashtra government. The agreement includes the establishment of the Indian Institute of Creative Technologies (IICT) in Film City, Goregaon. Modeled after India’s top institutes like IITs and IIMs, IICT aims to provide world-class training for creative professionals. The central government has already sanctioned ₹391 crore for the project.
Speaking on the overwhelming response to the Create In India Challenge, a precursor to the WAVES, Vaishnaw had earlier 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 had 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.