In a significant step toward establishing India as a global leader in the creator economy, the Ministry of Information and Broadcasting (I&B) and the Maharashtra government have announced plans to develop a massive global creative centre on a 240-acre land parcel in Malad, Mumbai. This ambitious project follows the announcement of the Indian Institute of Creative Technologies (IICT) at Dadasaheb Phalke Film City in Goregaon, aimed at nurturing talent in the burgeoning Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) sectors.
The announcement was made during the signing of a Memorandum of Understanding (MoU) between the Union Ministry of Information and Broadcasting, the Government of Maharashtra, Maharashtra Film, Stage & Cultural Development Corporation Ltd. (MFSCDCL), and IICT. The MoU was exchanged in the presence of Maharashtra Chief Minister Devendra Fadnavis and Union Minister for Information and Broadcasting Ashwini Vaishnaw.
Speaking at the event, Fadnavis emphasized India’s deep-rooted creative legacy and its potential to become a global powerhouse in the creator economy. “Today, the creator’s economy is one of the fastest growing economy which is not only generating wealth but also employment. India has always been a land of creators, whether in storytelling, art, or dance—our creative traditions go back centuries. It is time for India to take the lead globally in this space,” he said.
Highlighting the strategic vision behind the Malad project, Fadnavis added, “The 240-acre land belonging to the I&B Ministry will be developed in collaboration with the Maharashtra government into the world’s largest global creative centre. This will revolutionize the creative ecosystem and transform Mumbai into the entertainment capital of the world.” He further stated that MoUs with the I&B Ministry are expected to be signed soon to begin detailed planning for the global creative centre which will benefit the creators’ economy and its ecosystem.
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Union Minister Vaishnaw had earlier announced that a $1 billion fund dedicated to empowering India’s content creators. The fund aims to provide capital access, skill development, production enhancement, and international market expansion opportunities for creators leveraging cutting-edge technologies.
“A $1 billion fund will be created for the creator economy. Our energetic creators using the latest tools and platforms must have the support they need to reach global standards. This fund, designed as a public-private partnership, will do just that,” Vaishnaw said. The structure of the fund and its operational details are expected to be unveiled in the coming months.
MIB had earlier announced the development of IICT, modelled after India’s top institutes like IITs and IIMs. IICT will aim to provide world-class training for creative professionals and will serve as a cornerstone in India’s digital media education landscape. IICT will also benefit from a 10-acre land parcel leased by MFSCDCL for 30 years and backed by a one-time budgetary grant of ₹391.15 crore from the central government.
A temporary campus of IICT is being set up at the National Film Development Corporation premises in Mumbai and will start operation soon. Once fully operational, the institute is expected to become self-sustaining and will play a crucial role in creating a robust digital media and creative technology ecosystem.
Key highlights of the MoU includes, establishment of an AVGC-XR centre with a strategic focus on education, skilling, industry development, and research & innovation. Formation of a Governing Council and Board of Directors with representatives from Government and Industry. Development of specialized councils on Academia, Skilling, Industry Development, and R&D to ensure sectoral alignment and global competitiveness and commitment to fostering public-private collaboration and attracting international partnerships.
The IICT has been established as a not-for-profit Section 8 company, with a total government equity participation of 48% — comprising 34% from the Government of India and 14% from the Government of Maharashtra (through MFSCDCL). The remaining 52% is held by leading industry bodies, with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII) each holding 26%.