India Unveils $1 Billion Boost for Global Creative Economy at WAVES Summit

India launches a $1 billion fund to enhance its creators' economy, announcing the first World Audio Visual and Entertainment Summit (WAVES) in Mumbai. Government officials invite participation from over 100 countries, with discussions on media and technology integration planned, alongside a dedicated marketplace for content collaboration.

The Indian government announced a substantial $1 billion fund on Thursday to bolster the emerging creators' economy, seeking global engagement at the inaugural World Audio Visual and Entertainment Summit (WAVES) in Mumbai. The summit is poised to converge international thought leaders from media, technology, and entertainment sectors.

High-profile officials, including External Affairs Minister S Jaishankar and Information and Broadcasting Minister Ashwini Vaishnaw, have invited envoys from over 100 countries to participate. Prime Minister Narendra Modi is set to chair the Roundtable of media CEOs during the summit, emphasizing India's vision of a global platform akin to the World Economic Forum.

Maharashtra Chief Minister Devendra Fadnavis affirmed Mumbai's status as the permanent venue for WAVES, comparing it to Davos and Cannes. The summit aims to highlight economic, technological, and cultural globalization, offering forums for young creators and global business opportunities. This initiative seeks to blend India's creative and technological prowess to innovate unique, international content.

(With inputs from agencies.)