Indian Institute of Creative Technology (IICT) to be Established in Mumbai on the Lines of IIT; Land to be Allocated in Film City: CM Devendra Fadnavis
FinTech BizNews Service
Mumbai, March 14, 2025: The Indian Institute of Creative Technology (IICT) will be established in Goregaon, Mumbai, on the lines of the prestigious IITs, with financial assistance of Rs400 crore from the Central Government, announced Maharashtra Chief Minister Devendra Fadnavis.
The first session of the World Audio-Visual & Entertainment Summit – WAVES 2025, a globally significant event aimed at elevating India's media and entertainment industry to international levels, was held at the Sushma Swaraj Bhavan. During this session, CM Fadnavis provided details about this initiative.
Maharashtra has been granted the hosting rights for this prestigious global summit, a matter of great pride for the state. CM Fadnavis expressed gratitude to Prime Minister Narendra Modi for this opportunity. The grand conference will take place from May 1 to May 4, 2025, at the Jio Convention Center in Mumbai. The first session of the summit was organized by the Union Ministry of Information and Broadcasting, with participation from ambassadors and high commissioners from various countries.
*IICT – A Landmark Institution for Creative Technology*
Speaking to the media, CM Fadnavis announced that the Indian Institute of Creative Technology (IICT) will be set up in Mumbai’s Film City, Goregaon, to position the city as a global creative hub. The Central Government has pledged Rs400 crore for this project.
"This project will not be limited to Maharashtra but will become a milestone for India’s creative technology sector. IICT will not just be an educational institution but a leading center driving innovation in the creative technology industry. It will elevate India to the global stage in this domain."
Like IIT Bombay, this institution will serve as a premier center for creative technology education and research in India. The Maharashtra government has allocated land for this project in Goregaon Film City.
*Mumbai to Become a Global Creative Hub*
"Mumbai is already the heart of Bollywood and the entertainment industry. However, this new institute will provide India’s creative industry with a world-class platform. Just as Davos is crucial for the financial sector, this institute will create a global brand for the creative technology sector." – CM Fadnavis
*WAVES 2025 – A Landmark Global Summit*
The WAVES 2025 summit will serve as a major platform for professionals in broadcasting, film, animation, gaming, digital media, music, advertising, and social media.
*The summit will launch three special initiatives:*
WAVES Bazaar – A marketplace for investment opportunities
WAVES Accelerator – A hub to nurture new innovations
Creatosphere – A space for collaboration and idea exchange
This summit will enhance investment in the media and entertainment sector, promote innovation, and offer international companies a platform to expand in India.
*Maharashtra – The Center of India’s Creative Economy*
Maharashtra has played a key role in India’s creative economy, contributing significantly to film, television, digital content, animation, and gaming. Mumbai hosts prestigious institutions like Dadasaheb Phalke Chitranagari (Film City), Filmistan Studios, Mehboob Studios, and the Film & Television Institute of India (FTII).
With over 100 countries expected to participate, WAVES 2025 will provide a unique opportunity for Indian and international media representatives to collaborate, discuss emerging technologies, policies, and investment opportunities.
*Mumbai – The Global Entertainment Capital*
Mumbai is India’s financial and entertainment capital, making it the ideal host for WAVES 2025. The conference, scheduled from May 1 to May 4, 2025, will drive growth in media, technology, and cultural sectors, giving global industry leaders a platform to shape the future of entertainment.
The global media and entertainment industry is rapidly expanding, with a projected market value of $2.96 trillion by 2024. India’s industry is expected to reach $50 billion by 2029, with over 60 OTT platforms expanding internationally.
CM Fadnavis emphasized that India is emerging as a key global player in digital media and entertainment, and initiatives like IICT and WAVES 2025 will accelerate this growth.
