India Launches $1 Billion Fund to Boost Creators’ Economy Ahead of WAVES Summit
India has announced a $1 billion fund to support its growing creators’ economy ahead of the WAVES Summit, scheduled from May 1 to 4 in Mumbai. The event aims to be a global media and entertainment platform, similar to the World Economic Forum in Davos. External Affairs Minister S. Jaishankar, Information & Broadcasting Minister Ashwini Vaishnaw, and Maharashtra CM Devendra Fadnavis invited over 100 countries to participate. Mumbai has been designated as the permanent venue for the summit.
The fund will help creators access capital, enhance skills, and expand globally. India’s first Institute of Creative Technology will be established in Film City, Mumbai. WAVES will feature a Global Media Dialogue, Thought Leaders Track, and WAVES Bazaar for content showcases. The Creatosphere will offer networking, workshops, and masterclasses. The ‘Create in India Challenge’ saw 2.5 million entries, with 1,000 finalists competing at WAVES. The initiative aims to merge creativity with modern technology, promoting India as a global creative hub.
India Launches $1 Billion Fund to Boost Creators’ Economy Ahead of WAVES Summit
In a landmark move to bolster its creative industries, India has announced a $1 billion fund to nurture its rapidly expanding creators’ economy. This initiative coincides with the debut of the World Audio Visual and Entertainment Summit (WAVES), set to take place from May 1 to 4, 2024. Designed as a premier global platform for media and entertainment, the event aims to mirror the World Economic Forum in Davos, fostering international collaboration and innovation.
The announcement was made at a high-level meeting attended by External Affairs Minister S. Jaishankar, Information and Broadcasting Minister Ashwini Vaishnaw, and Maharashtra Chief Minister Devendra Fadnavis. Diplomats from over 100 countries were invited to participate in the summit, which will include a CEO roundtable chaired by Prime Minister Narendra Modi. Emphasizing Mumbai’s role as India’s entertainment hub, Fadnavis confirmed the city as the permanent venue for WAVES, drawing parallels to Davos’s economic influence and Cannes’s prominence in film.
Global Shifts and Cultural Diversity
Jaishankar highlighted the evolving global landscape, noting that economic and political transformations are increasingly intersecting with technology and culture. He stressed the importance of embracing diverse perspectives to achieve true globalization.
“Globalization should not be a one-sided narrative but a celebration of the world’s rich cultural mosaic,” he stated, positioning WAVES as a platform to amplify this vision.
Fund Objectives and Institutional Support
Vaishnaw outlined the dual objectives of the $1 billion fund:
- Empowering emerging creators through financial support.
- Elevating India’s creative output on the world stage.
The fund will assist creators in developing skills, enhancing production quality, and accessing global markets. Additionally, he announced plans for India’s first Institute of Creative Technology in Mumbai’s Film City, Goregaon, aiming to bridge the gap between creative talent and cutting-edge technology.
Summit Highlights and Collaborative Opportunities
Information and Broadcasting Secretary Sanjay Jaju detailed key WAVES summit events, including:
- Global Media Dialogue hosted by Jaishankar and Vaishnaw, exploring cross-border collaboration and content innovation.
- Plenary sessions featuring industry leaders, policymakers, and cultural ambassadors, discussing trends in streaming, AI-driven storytelling, and modernizing traditional narratives.
The WAVES Bazaar, a dedicated marketplace, will connect content creators, distributors, and investors through curated showcases and networking sessions. Meanwhile, the Creatosphere—an interactive zone for young creators—will host workshops, masterclasses, and mentorship programs led by global experts. These initiatives aim to democratize opportunities in the entertainment sector, particularly for grassroots talent.
Pre-Summit Momentum: ‘Create in India Challenge’
Vaishnaw also highlighted the overwhelming response to the ‘Create in India Challenge’, a WAVES precursor that drew 2.5 million entries. The competition encouraged original content across formats like short films and digital art, narrowing 80,000 participants for further evaluation. 1,000 finalists will compete at the summit, with winners gaining funding, mentorship, and global exposure.
A Confluence of Technology and Creativity
Vaishnaw emphasized that WAVES is more than an event—it’s a movement integrating technology, media, and entertainment. With over 100 participating nations, the summit will explore the future of storytelling across sectors like gaming, animation, and immersive media.
“This is not just an event but a movement to position India as a creative superpower,” Vaishnaw asserted.
Strategic Implications for India
The $1 billion fund and WAVES summit align with India’s broader strategy to leverage its creative industries as an economic driver. With a young population and a booming digital ecosystem, India is poised to become a global content powerhouse.
By hosting WAVES in Mumbai—home to Bollywood and India’s $30 billion media industry—the government aims to attract foreign investment and talent. Establishing Mumbai as the permanent venue solidifies its standing as a global creative hub, akin to Los Angeles and Seoul.
Conclusion
As India prepares to host global delegates at WAVES, the $1 billion fund marks a transformative step in democratizing creativity. By investing in infrastructure, education, and international partnerships, India is crafting a blueprint for inclusive digital-age growth.
The summit’s success could reshape India’s role in global entertainment, proving that cultural diversity and technological innovation are not just compatible but essential in a connected world.
This bold initiative underscores India’s recognition of the creators’ economy as a key growth driver—a vision where art, technology, and enterprise converge to inspire a new era of global storytelling.
