India to Launch IICT in Mumbai for Creative Talent, Modelled on IITs & IIMs: Vaishnaw at WAVES 2025
In a landmark announcement aimed at fostering India’s creative economy, Union Minister of Information and Broadcasting Ashwini Vaishnaw revealed the establishment of the Indian Institute of Creative Technology (IICT) in Mumbai. The announcement was made during the WAVES Summit, a major event celebrating innovation and creativity, held in the city on Thursday.
Inspired by premier institutions like the Indian Institutes of Technology (IITs) and Indian Institutes of Management (IIMs), the IICT is envisioned as a first-of-its-kind world-class institute dedicated to nurturing talent and driving innovation in the Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) sectors. The institute will be located at the iconic Dadasaheb Phalke Film City in Goregaon, Mumbai widely recognized as the heart of India’s media and entertainment industry.
Minister Vaishnaw stated that the world of creativity is undergoing a 'massive transformation', and Prime Minister Narendra Modi has envisioned positioning India as a global leader in this evolving domain. “The IICT will serve as a catalyst to make young Indian creators future-ready”, Vaishnaw remarked. He emphasized the significance of a unified creative platform, WAVES, to bring together creators globally. With over 40 million content creators, India is uniquely placed to become a powerhouse in the digital creative space, he added.
The formalization of IICT comes shortly after the Ministry of Information and Broadcasting signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, Maharashtra Film, Stage & Cultural Development Corporation Ltd. (MFSCDCL), and leading industry stakeholders for its establishment. The IICT will be set up as a not-for-profit Section 8 company, with shared equity participation 48% by the government (34% by the Centre and 14% by Maharashtra) and 52% by industry bodies such as the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII), each contributing 26%.
The government has sanctioned an initial one-time grant of Rs 391.15 crore to support infrastructure development and the early phases of operation. A 10-acre plot of land has also been leased at Film City by MFSCDCL for 30 years, providing a substantial base for the IICT to build a vibrant digital media and creative technology ecosystem. The institute is expected to transition to a self-sustaining model thereafter.
The IICT will house a Centre of Excellence in AVGC-XR and focus on four major pillars: education, skilling, industry development, and research & innovation. A governing council and board of directors will include representatives from both government and industry. Additionally, specialised academic and industry councils will be created to ensure dynamic alignment with global trends and competitiveness.
Highlighting the importance of the occasion, Reliance Industries Chairman Mukesh Ambani, who was also present at the summit, commended the initiative. “This celebration of creativity and the power of ideas fills me with pride. PM Modi’s presence today, despite the ongoing national tragedy in Pahalgam, reflects his commitment. We offer heartfelt condolences to the victims and stand in solidarity in the fight against terror”, Ambani said.
To fast-track operations, a temporary campus of IICT will be launched at the NFDC (National Film Development Corporation) premises in Mumbai, ensuring that academic and skilling programs begin at the earliest.
The IICT marks a transformative moment in India's journey to becoming a global hub for creative and digital content. By investing in talent and innovation, the institute aims to generate high-value employment opportunities, strengthen public-private partnerships, and attract global collaboration. This initiative is a major step in realizing India’s ambition to lead in the digital and creative economy.
