IICT will be located at the Dadasaheb Phalke Film City, Goregaon, and shall serve as a centre of excellence for education, research, innovation, and skill development in the AVGC-XR domain
FinTech BizNews Service
Mumbai, April 10, 2025: The Union Ministry of Information & Broadcasting today signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, Maharashtra Film, Stage & Cultural Development Corporation Ltd. (MFSCDCL) and the Indian Institute of Creative Technologies (IICT) for the establishment of a world-class institute dedicated to the Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) sector i.e. Indian Institute of Creative Technologies (IICT) in Mumbai.
The MoU was signed between Chief Secretary of Government of Maharashtra Ms. Sujata Saunik and Secretary, Information and Broadcasting Sh. Sanjay Jaju and was exchanged in the presence of the Chief Minister of Maharashtra Sh. Devendra Fadnavis and Union Minister for Information and Broadcasting Sh. Ashwini Vaishnaw today.
Chief Minister Shri Devendra Fadnavis stated that Indian Institute of Creative Technology (IICT) in Mumbai — a first-of-its-kind institute will focus on nurturing talent and innovation in creative industries.
IICT will be located at the Dadasaheb Phalke Film City, Goregaon, and shall serve as a centre of excellence for education, research, innovation, and skill development in the AVGC-XR domain recognizing the importance of fostering the growth and development of this sector in the country and envisioning India to become one of the top global players in this field. Union Minister Shri Vaishnaw stated that the first Indian Institute of Creative Technologies (IICT), established in Mumbai—the capital of the creative economy and entertainment sector—will serve as a catalyst for the city's entertainment industry, facilitating its global expansion.
The IICT has been established as a not-for-profit Section 8 company, with a total government equity participation of 48% — comprising 34% from the Government of India and 14% from the Government of Maharashtra (through MFSCDCL). The remaining 52% is held by leading industry bodies, with the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII) each holding 26%.
Government of India has already provided an initial one-time budgetary grant of ₹391.15 crore for infrastructure development and initial operations. The IICT shall operate in a self-sustaining mode thereafter. The institute shall also benefit from a 10-acre land parcel leased by MFSCDCL for 30 years at Dadasaheb Phalke Film City, symbolizing a significant step forward in building a digital media and creative technology ecosystem.
Key highlights of the MoU include:
IICT will be a world-class premium institute for the media and entertainment sector similar to the IITs and IIMs for technology and management. A temporary campus of IICT is being set up at the NFDC premises in Mumbai and will start operation soon. By producing a consistent flow of highly skilled content creators, the IICT will firmly establish India’s standing as a leading global centre for the creative economy
The MoU marks a significant milestone under the Government’s efforts to boost the digital economy, empower creative professionals, and generate high-value employment in emerging sectors.
