The Indian government has announced plans to set up a $1 Billion Fund to boost the country’s creator economy. News of the fund came as Mumbai prepares to host the first-ever WAVES Summit (May 1-4) – an event that is hopes will become the media and entertainment equivalent of Davos and the Cannes Film Festival.
The fund was unveiled by Information and Broadcasting Minister Ashwini Vaishnaw, who explained that it will be “dedicated to ensuring that energetic creators, who are using the latest technologies, will be able to access capital, hone their skills, upgrade their production levels, and reach global markets.”
External Affairs Minister S Jaishankar added: “The world is already witnessing economic and political rebalancing. This is now moving to its technology and its cultural facets as well. Real globalisation is not about a single narrative or one truth; it is about capturing the enormous diversity of our people on our planet.”
In addition to the fund and the WAVES event, India also announced that the first Indian Institute of Creative Technology will be established in Mumbai, with the government of Maharashtra having already identified a plot in Film City at Goregaon.
The plan is for WAVES to become a regular marketplace and showcase for content, as well as a networking platform. The event builds on a creator-focused competition that was launched in 2024 called the ‘Create in India Challenge’.
India’s attempt to become a leader in the global creator market comes at a time when the digital-first sector in the country is booming. The number of influencers in the country is estimated to have risen from 1m to 4m since 2020. Leading figures like Dushyant Kukreja (pictured) and Ajey Nagar have built YouTube followings of 40m+.
Last week, The Drop reported that popular YouTuber Lilly Singh is launching a platform to help South Asian creators build sustainable careers.
