Global Firms Express Keen Interest in Collaborating with Indian Institute of Creative Technology
Union Minister Ashwini Vaishnaw announced that global firms are showing significant interest in collaborating with the newly established Indian Institute of Creative Technology (IICT) to harness the creative potential of India’s youth. The announcement came during the World Audio Visual and Entertainment Summit (WAVES) in Mumbai.
Vaishnaw made this statement after seven leading technology firms – JioStar, Google, Adobe, Meta, Apple, NVIDIA, and Microsoft – signed Letters of Intent with IICT on the sidelines of the summit. The ceremony was attended by Vaishnaw, Union Minister of State for Information and Broadcasting L Murugan, and I&B Secretary Sanjay Jaju.
The minister highlighted that IICT is poised to become a national hub for the animation, visual effects, gaming, comics, and extended reality (AVGC-XR) sector. “The IICT will work closely with the industry to make our young creators future-ready,” Vaishnaw said, emphasizing the institute’s mission.
Vaishnaw also revealed that discussions were underway with the World Intellectual Property Organisation (WIPO) for a potential collaboration with IICT. He had met with WIPO Director General Daren Tang on the sidelines of WAVES.
The IICT is being established by the Ministry of Information and Broadcasting as a National Centre of Excellence, in collaboration with trade body FICCI and industry body CII. The institute aims to follow the prestigious model of IITs and IIMs.
“India has the potential to take a global leadership role in the world of media and entertainment. This institute is the first step in that direction,” Vaishnaw stated, highlighting the significance of IICT.
The minister pointed out that India is home to approximately 40 million creators, according to industry estimates. He noted that this vibrant creator community had actively participated in the ‘Create In India’ challenges, with over 100,000 creators from 60 countries taking part in the first edition of WAVES.
Vaishnaw emphasized that the world of creativity is undergoing a profound transformation with technology democratizing the sector. “The way content is created is changing, and the medium of consuming content is also changing,” he observed.
The WAVES summit, according to Vaishnaw, is designed to provide a platform for creators worldwide. “It will offer exposure to new technologies and connect creators with investors, producers, and buyers, creating new economic opportunities,” he explained.
The first phase of IICT is currently located at the NFDC Building on Pedder Road in Mumbai, featuring state-of-the-art facilities such as gaming labs, animation labs, and virtual production setups. Vaishnaw announced that Phase-II of the IICT will involve developing a dedicated 10-acre campus at Film City in Goregaon, further expanding the institute’s capabilities.
With these developments, India is taking significant steps towards nurturing its creative talent and emerging as a global leader in the media and entertainment industry.
