The government on March 13 announced a fund of $1 billion to give a boost to the growing creators’ economy in the country. It has reached out to envoys from more than 100 countries seeking their participation in the first World Audio Visual and Entertainment Summit (WAVES) to be held in Bombay in May. External affairs minister S. Jaishankar, I & B minister Ashwini Vaishnaw and Maharashtra chief minister Devendra Fadnavis hosted the envoys in New Delhi recently and sought their presence at the roundtable of top media CEOs to be chaired by Prime Minister Narendra Modi during the WAVES.
India is viewing WAVES, to be held from May 1 to 4, as the first convergence platform for the technology and media and entertainment sectors on the lines of the World Economic Forum at Davos, a gathering of international leaders from governance and business.
Ashwini Vaishnaw 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, will be able to access capital, hone their skills, upgrade their production levels, and reach the global markets,” said Vaishnaw. The minister also announced that the first Indian Institute of Creative Technology will be set up in Bombay on a plot of land already allotted in Film City.
Information and broadcasting secretary Sanjay Jaju said that S. Jaishankar and Ashwini Vaishnaw will host the Global Media Dialogue, and the Thought Leaders Track will feature plenary sessions and panel discussions by industry leaders.
It is planned to hold a WAVES Bazaar which will offer a showcase for content and facilitate buyer-seller meetings to foster business opportunities. The Summit is expected to be a platform for young creators to connect, learn and collaborate through masterclasses, workshops and networking sessions.
Ashwini Vaishnaw revealed that the ‘Create in India Challenge’, a precursor to the WAVES, had received over 25 lakh submissions, and more than 80,000 creators had moved to the next level of the challenge. Of the 80,000 entries, 1,000 participants will feature in the finals of the various challenges which will be held during the WAVES, the minister explained. He added that the vision behind this initiative was to bring together the creative world and modern technological usage to create unique content.