IICT to Shape India's 40 Million Creators into Global Innovators: Ashwini Vaishnaw

In a major move to equip young Indian creators for the future, seven major global and Indian companies, including Google, Adobe, and Nvidia, are partnering with the Indian government to establish the Indian Institute of Creative Technology (IICT). This announcement was made by Union Information and Broadcasting Minister Ashwini Vaishnaw on May 1 at the inaugural World Audio Visual and Entertainment Summit (WAVES) in Mumbai.

IICT to Be Modelled on IITs, IIMs for Media & Entertainment

The upcoming Indian Institute of Creative Technology (IICT) will be located at the Dadasaheb Phalke Film City in Goregaon, Mumbai. It is being developed as a world-class institution, focusing on education, research, innovation, and skill development in the animation, visual effects, gaming, comics, and extended reality (AVGC-XR) sector. The government has allocated Rs 400 crore, and land is being provided by the Maharashtra government.

“The world of creativity is going through a profound transformation... Industry estimates show India is home to 40 million creators. Thirty-five lakh participated in the challenges in WAVES and participants were from across 60 countries. The new institution will be for this kind of talent,” said Union Information and Broadcasting Minister Ashwini Vaishnaw.

IICT to Operate Initially from NFDC Premises

Until the permanent campus is ready, IICT will function from the National Film Development Corporation (NFDC) premises in Mumbai. The initiative has been structured as a not-for-profit Section 8 company. Of the total equity, 48% is government-owned—34% by the Centre and 14% by the Maharashtra government (through Maharashtra Film, Stage & Cultural Development Corporation Ltd – MFSCDCL).

The remaining 52% equity is held by private sector stakeholders, equally split between FICCI (Federation of Indian Chambers of Commerce and Industry) and CII (Confederation of Indian Industry).

Boosting the Media & Entertainment Sector

WAVES 2025, which runs from May 1–4 at Mumbai's Jio World Centre, aims to enhance the potential of India’s rapidly expanding media and entertainment industry, which reached Rs 2.5 lakh crore in 2024.

The industry is projected to grow at 7.2% in 2025, hitting Rs 2.7 lakh crore ($31.6 billion) and expanding further to Rs 3.1 lakh crore ($36.1 billion) by 2027, at a 7% CAGR.

Aiming for a $50 Billion Creative Economy by 2029

Organised by the Ministry of Information and Broadcasting, WAVES aspires to unlock a $50-billion media and entertainment market by 2029. The summit seeks to position India as a global powerhouse in digital innovation, bringing together leaders from industries, startups, creators, and policy makers from around the world.

“The new institution will be for this kind of talent,” Vaishnaw added, referring to the 40 million creators and massive global participation in WAVES 2025.

Conclusion:

The establishment of the Indian Institute of Creative Technology (IICT), backed by global tech giants like Google, Adobe, and Nvidia, marks a transformative step for India’s growing creator economy.

With the government investing Rs 400 crore and allocating prime land in Mumbai’s Film City, the institute is envisioned as a global centre of excellence in the AVGC-XR sector.

It aims to nurture the vast talent pool of 40 million creators in India, equipping them with cutting-edge skills for a future shaped by digital innovation and immersive technologies. Operating initially from the NFDC premises, IICT’s collaborative model—featuring both government and industry stakeholders—ensures it remains dynamic, relevant, and globally competitive.

Announced at WAVES 2025, the initiative aligns with India’s broader goal of unlocking a $50 billion media and entertainment market by 2029. IICT stands as a beacon of opportunity, fostering education, research, and innovation for a new generation of creative professionals.