(HT)
Inaugurating India’s first four-day World Audio Visual & Entertainment Summit (WAVES) in Mumbai on Thursday, Prime Minister Narendra Modi said it marked the dawn of a new orange economy in India with content, creativity and culture serving as its three pillars.
Orange economy is the global term for the creative sector, and spans films, television, gaming, design and fashion.
The Prime Minister was addressing a gathering of over 5,000 people, including film stars, content creators, media and entertainment industry stakeholders, foreign delegates and policymakers. A showcase of India’s media and entertainment prowess, the WAVES summit, organised by the ministry of Information and Broadcasting and the government of Maharashtra, aims to unlock a $50 billion market by 2029, expanding the country’s footprint in the global entertainment economy.
It was time, said Modi for the world to “Create in India.” He called upon India’s young creators to drive the nation’s orange economy forward. The government stands firmly behind creative professionals, supporting them through initiatives such as Skill India, Startup Support, policies for the AVGC Industry, and global platforms like WAVES, the prime minister said.
“WAVES will serve as a major platform where creativity meets coding, where software blends with storytelling, and art merges with augmented reality,” he said. He urged young creators to make the most of this opportunity and to dream big.
The Prime Minister highlighted that artists, innovators, investors and policymakers from over 100 countries had come to Mumbai to lay the foundation for a global ecosystem of talent and creativity. “WAVES is not merely an acronym but a wave representing culture, creativity, and universal connectivity”, he said. The platform, he hoped, will serve as a bridge connecting Indian creators with global storytellers, animators with global visionaries, and transform gamers into global champions. He invited international investors and creators to embrace India as their content playground and explore the country’s vast creative ecosystem. He also urged investors to invest not just in platforms, but also in people.
In his 35-minute address to a packed hall at the Jio World Centre, Modi said there are growth opportunities in the live concert industry and vast potential in the global animation market, which currently stands at over $430 billion, and is projected to double in the next decade. He highlighted that this presents a significant opportunity for India’s animation and graphics industry, urging stakeholders to leverage this expansion for greater international reach.
Indian films have now reached viewers in over 100 countries and international audiences are watching Indian content with subtitles, signalling a deeper engagement with India’s stories, Modi said. “With a billion-plus population, India is also a land of a billion-plus stories…This treasure (of stories) is timeless, thought-provoking and truly global,” he said, adding that it is the right time for the world to “Create In India.”
Modi said that the first edition of the WAVES Summit has captured global attention thanks to the efforts of the summit’s advisory board comprising top film stars and media and entertainment industry representatives.
Reaffirming his belief in collective effort, he urged media and entertainment industry stakeholders to continue mentoring the WAVES platform in the future. He also announced the setting up of the WAVES Awards for art and creativity. He emphasized the need for sustained commitment to the idea behind WAVES, stating that the goal is to win the hearts of people across the world and inspire generations through creativity.
The Prime Minister’s address was preceded by a star-studded introduction to WAVES by a clutch of film celebrities, who are also members of the advisory body for the summit, including Shah Rukh Khan, Anupam Kher, Mohanlal and Hema Malini.
The four-day Summit also features the WAVES Bazaar, a global e-marketplace with over 6,100 buyers, 5,200 sellers, and 2,100 projects.
