Mumbai, May 2 (NationPress) Maharashtra's Chief Minister Devendra Fadnavis proclaimed on Friday that India is poised to take a leading role in the global landscape of AI and the entertainment industry. The use of AI in entertainment is expanding worldwide, and plans are underway to establish an AI technology education city in Navi Mumbai.

This statement was made during a media interaction at the Maharashtra pavilion.

CM Fadnavis emphasized the global demand for a platform like the WAVES Conference.

He noted that in recognition of this necessity, Prime Minister Narendra Modi organized the inaugural WAVES Conference and designated Maharashtra as its host.

"This presents a significant opportunity for the state. During the WAVES Conference, the government of Maharashtra entered into several crucial Memorandum of Understanding (MoUs). A key highlight is the introduction of the WAVES Index by NSE, which includes 43 companies from the audio-visual sector. This initiative marks a pivotal step towards investing in this industry and developing a comprehensive financial ecosystem. The WAVES Index serves as a significant achievement for WAVES," CM Fadnavis stated.

He added that an MoU was signed with two prestigious universities from Australia and New York. Under the new education policy, foreign institutions are permitted to establish centers in India, and an Educity will be developed in Navi Mumbai through the efforts of CIDCO (City and Industrial Development Corporation). Up to 12 elite universities are expected to set up campuses in this Educity.

"We have signed an MoU with two of these universities. An initial investment of Rs 1,500 crore will be made, with potential for future increases. Discussions are ongoing with three additional significant universities. This will be the first campus in India where top-tier universities will collaborate in Navi Mumbai," he elaborated.

Furthermore, an MoU has been signed with Prime Focus.

Based on this agreement, Prime Focus will establish a Film City at this site with an investment of approximately Rs 3,000 crore, creating at least 10,000 jobs. The project will incorporate advanced AI technology and cutting-edge solutions, he stated.

Additionally, an MoU was signed with a prominent conglomerate for a Rs 2,000 crore investment to develop a film industry in Panvel. Overall, CM Fadnavis mentioned that MoUs worth Rs 8,000 crore have been finalized.

CM Fadnavis asserted that a Film City is not merely a location but a technological hub that will encompass a complete film industry equipped with all necessary technology.

“An ecosystem for every aspect of film production will be created. Previously, our citizens aspired to study at the University of Western Australia, but now they can receive the same education here. The audio-visual economy is rapidly growing and offers the most employment opportunities, positioning India to spearhead this sector, given our abundance of content creators and consumers,” he concluded.

He remarked that Mumbai has emerged as the epicenter of audio-visual media due to the WAVES summit.