$1 bn fund announced to boost creator economy

The Centre has announced a $1 billion fund to support the emerging creator economy in the country.

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The announcement was made as part of an outreach to envoys from over 100 countries, inviting them to participate in the inaugural World Audio Visual and Entertainment Summit (WAVES), which will be held in Mumbai from May 1 to May 4.

External Affairs Minister S Jaishankar, Information and Broadcasting Minister Ashwini Vaishnaw, and Maharashtra CM Devendra Fadnavis hosted the envoys, seeking their presence at a Roundtable of top media CEOs, which will be chaired by PM Narendra Modi during the summit.

Vaishnaw emphasised that a $1 billion fund will ensure that energetic creators, who are using the latest technologies, will be able to access capital, hone their skills, upgrade their production levels, and reach the global markets,” he said.

The minister also highlighted the success of the Create in India Challenge, a precursor to the WAVES summit, which received over 25 lakh submissions. Out of these, 80,000 creators have advanced to the next level, and 1,000 participants will compete in the final challenges held during the summit.

The vision behind this initiative was to bring together the creative world and modern technological usage to create unique content, he said.