IICT on lines of IITs, IIMs will be set up in Mumbai for creators: Ashwini Vaishnaw at WAVES 2025

Union minister of Information and Broadcasting Ashwini Vaishnaw on Thursday said that Prime Minister Narendra Modi has decided to set up a new institution to promote creative talent in India.

The Indian Institute of Creative Technology (IICT), based on the lines of IITs (Indian Institute of Technology) and IIMs (Indian Institute of Management), will be set up in Mumbai to make young creators future ready, said Vaishnaw.

"The world of creativity is undergoing a massive transformation, and to shape this change, PM Modi envisioned bringing the entire world onto a single platform—WAVES," Vaishnaw said at the WAVES Summit in Mumbai. India is home to 40 million-plus creators.

Speaking at the WAVES Summit, Reliance Industries chairman Mukesh Ambani said, "It fills my heart with immense pride and gratitude to the grand celebration of creativity and power of ideas. We know our PM's extraordinary responsibilities in the wake of the Pahalgam incident. Your coming here conveys a strong message. We offer heartfelt condolences to the victims. You have full support of 140 billion people in your fight against terror."

The announcement of IICT comes weeks after the Union Ministry of Information & Broadcasting 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 an 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.

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 recognising 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 Vaishnaw had 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%.

The government 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, symbolising a significant step forward in building a digital media and creative technology ecosystem.

The key highlights of the MoU include establishment of an AVGC-XR centre with a strategic focus on education, skilling, industry development, and research & innovation; formation of a governing council and board of directors with representatives from government and industry; development of specialised councils on academia, skilling, industry development; R&D to ensure sectoral alignment and global competitiveness; and the commitment to fostering public-private collaboration and attracting international partnerships.

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.