Will Mumbai Emerge as the Global Hub of the Creative Economy?

Synopsis
Key Takeaways
- Mumbai is set to become a global hub for the creative economy.
- Indian Institute of Creative Technology (IICT) will play a crucial role in education and training.
- A special fund of Rs 150 crore has been designated to promote creative initiatives.
- WAVES Conference will be held in Mumbai annually or biennially.
- Global partnerships will ensure industry-relevant training.
Mumbai, July 18 (NationPress) - The Chief Minister of Maharashtra, Devendra Fadnavis, announced on Friday that Mumbai, known as the country's entertainment capital, is set to transform into the global center for the creative economy.
Speaking during the inauguration of the Indian Institute of Creative Technology (IICT) and NFDC campus, he was joined by Union Minister for Information and Broadcasting, Information Technology and Railways, Ashwini Vaishnaw, and the state Minister for Cultural Affairs and Information Technology, Ashish Shelar.
CM Fadnavis commended the Central Government's initiative behind the grand international conference WAVES held in Mumbai, stating that the city has not only hosted the event but has also started a movement.
He elaborated on the significance of the Waves Index related to the creative economy, noting that its value has surged from Rs 93,000 crore a few months ago to Rs 1 lakh crore now, highlighting the sector's rapid development.
To foster the next phase of the creative economy, the Maharashtra government will allocate a special fund of Rs 150 crore. The Waves Conference is expected to take place in Mumbai annually or biennially, with plans for the next event to be even more spectacular.
Referring to the IICT, CM Fadnavis stated: "IICT will serve not only as a training institute but also as an 'iconic destination'. People will visit to learn and to see. This institute is poised to become the creative economy’s hub for future generations."
He also emphasized the significance of the India Pavilion established during the 'Waves' event, describing it as a beautiful reflection of India's creative history.
He added, "Following Prime Minister Narendra Modi's suggestion, this pavilion is now permanently located in Gulshan Building, adding a new attraction to Mumbai's tourist spots."
Union Information and Broadcasting Minister Ashwini Vaishnav remarked that this is merely the beginning of an ambitious project envisioned by Prime Minister Modi, aimed at establishing a comprehensive educational network for creative technology akin to IIT and IIM.
“This initiative will generate new opportunities for the nation’s youth. The goal of this institution is to equip individuals in the creative economy with advanced technology, skills, and world-class tools. So far, a fund of Rs 400 crore has been approved for the establishment of 'IICT', with plans for a new campus in Mumbai Film City. The design of the 'IICT' building will reflect its environmental and geographical aspects,” he stated.
Minister Vaishnav also mentioned that 'IICT' has formal collaborations with global companies including Google, Meta, Nvidia, Microsoft, Apple, Adobe, and has signed an agreement with New York University. The courses are tailored to meet industry requirements.
It will offer advanced training in fields like VFX, Gaming, XR, Post-Production, and Animation. The aim is to provide comprehensive training to 300 students and trainers in the inaugural year, with course durations ranging from 3 months to 2 years.
Vaishnav expressed gratitude to CM Fadnavis, stating that it’s a matter of pride that India’s first IICT campus is being established in Mumbai, the creative capital of the nation. He also congratulated the Maharashtra government for promptly providing land in Film City.
During the event, a Memorandum of Understanding was signed between Prasar Bharati and the Maharashtra Film and Development Corporation to foster innovation, skill competitions, and international competitiveness within the media and entertainment sector. Additionally, the logo of 'IICT' was unveiled. Union Secretary Sanjay Jaju shared insights on the outcomes of the Waves Conference held in Mumbai.