World Audio Visual and Entertainment Summit (WAVES) 2025

1. The inaugural WAVES Summit 2025 took place in Mumbai, where the Prime Minister emphasized India’s creative economy as a key driver for future GDP growth, innovation, and inclusive development.
2. WAVES aims to unlock a $50 billion market by 2029, positioning India as a significant player in the global entertainment industry.
3. During the summit, the government announced the establishment of the Indian Institute of Creative Technology (IICT), aimed at fostering innovation in the creative sector.

• The Ministry of Information and Broadcasting, in collaboration with FICCI and CII, will set up IICT as a National Centre of Excellence.

Understanding the Creative Economy

1. Definition: The creative economy (also known as the orange economy) refers to the sector where creative assets contribute to economic growth and development.
2. Key Components: It encompasses industries such as Media & Entertainment, Advertising, Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR).
3. The United Nations declared 2021 as the International Year of Creative Economy for Sustainable Development, highlighting its global significance.

India's Creative Economy Landscape

1. Contribution to GDP: The creative economy contributes $30 billion to India’s GDP, employing 8% of the workforce.
2. Exports: Creative exports from India exceed $11 billion annually.
3. Challenges: The sector faces challenges such as misinformation, copyright issues, intellectual property concerns, market monopolization, limited digital access in rural areas, and lack of formal financing.

Initiatives to Promote India’s Creative Economy

1. Creative Economy Fund: The government has announced a $1 billion fund to support the growth of the creative economy in India.
2. All India Initiative on Creative Economy (AIICE): Launched by the Indian Chamber of Commerce to harness the vast potential of India’s creative industries.
3. National Creators Award: This award recognizes the work of digital content creators in India, promoting online creativity and innovation.