(GIST OF YOJANA) Waves: Empowering India’s Creative Economy for the Global Stage

GIST OF YOJANA : MAY-2025

Waves: Empowering India’s Creative Economy for the Global Stage

Context:

The first World Audio Visual and Entertainment Summit (WAVES) organised in Mumbai marks a significant stride in positioning India at the heart of the global creative economy. As the global media and entertainment industry experiences a digital renaissance, it has placed India on the world map not just as a consumer, but as a creator, innovator, and cultural ambassador.

Create in India, Create for the World

WAVES represents a unique convergence of storytellers, technologists, artists, producers, and industry leaders from across the globe. It is a platform envisioned to nurture cross-border collaborations, drive innovation, and facilitate knowledge sharing across cinema, OTT, gaming, animation, and immersive content like AR/VR. WAVES serves as a bridge between the East and the West, fostering cultural exchange and enabling the co-creation of content that resonates globally which is aligned with PM’s vision of "Create in India, Create for the World".

India: A Rising Powerhouse in M&E

With its rich storytelling tradition, technological prowess, and demographic advantage, India is emerging as a global powerhouse in media and entertainment. The WAVES platform stands on four pillars or verticals defining audio-visual entertainment’s future. These are given below-

1. Cinema and Series- Promoting international film collaborations, co-productions, and showcasing regional cinema to global audiences.

2. Animation, VFX, Gaming, and Comics (AVGC-XR)- Positioning India as a global hub for AVGC talent, innovation, and outsourcing, including ‘immersive technologies like AR/VR.

3. OTT and Digital Media - Fostering new-age digital storytelling, platform partnerships, and monetisation models for global reach.

4. Music and Live Entertainment- Celebrating India’s rich musical traditions and promoting global collaborations in music, festivals, and performances.

Orange Economy and India’s Contribution

The Orange Economy which encompasses sectors that rely on creative skills, intellectual
property, and cultural heritage — is one of the fastest-growing economic sectors globally, India is a major contributor in this context. Youth-driven creativity, digital transformation, and a thriving start-up ecosystem fuel growth. The rise of regional content and local creators further diversifies and deepens India’s creative economy. From traditional cinema and regional content to OTT platforms, gaming, animation, and immersive digital experiences, India is now a creator, a curator, and a catalyst in the global content ecosystem.

Policy initiatives

The government has introduced numerous policy reforms to boost the M&E sector, from easing foreign investments to setting up film facilitation offices and providing production incentives.

Establishing a National Centre of Excellence (NCoE) for Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) in Mumbai is set to transform the AVGC sector and drive innovation in immersive technologies. This centre aims to enhance India’s soft power while attracting foreign investments to the media and entertainment sector.

Conclusion:

With WAVES, India is not just hosting a global event but claiming its rightful place as a cultural and creative superpower. India’s commitment to simplifying regulatory landscapes and fostering innovation ensures that WAVES will leave a lasting imprint on the global entertainment economy. India’s strength lies in its vast talent pool, digital transformation, and storytelling legacy, which together can drive both economic value and cultural impact. WAVES is India’s next big cultural export engine in a world where creativity is currency.