Prime Minister Narendra Modi, while inaugurating the World Audio Visual and Entertainment Summit (WAVES) that India’s creative economy will contribute significantly to the country’s GDP in the coming years.

“India’s Orange Economy stands on three strong pillars – content, creativity, and culture; therefore, in the coming years, India’s creative economy will hold a significant share in the country’s GDP,” says Prime Minister Narendra Modi while inaugurating the World Audio Visual and Entertainment Summit (WAVES).

PM says, “The global animation market is worth over $ 430 billion and is expected to double in the next 10 years. The WAVES summit will open new doors of success for India's animation and graphics industry.”

PM Modi launched the World Audio Visual and Entertainment Summit 2025 (WAVES) in an elaborate event conducted at the Jio World Convention Centre in Mumbai. The gathering was graced by Governor C.P. Radhakrishnan, Chief Minister Devendra Fadnavis, Union Ministers Ashwini Vaishnaw (Railways and I&B), S. Jaishankar (External Affairs), Dr. L. Murugan (MoS I&B), Deputy Chief Ministers Eknath Shinde and Ajit Pawar, along with numerous dignitaries from both national and international spheres.

PM says, “Indian films have now reached audiences across the globe. Today, Indian films are screened in more than 100 countries. Foreign audiences are not just watching Indian films but also trying to understand them. A notable aspect of Indian cinema is that many international viewers are watching Indian content with subtitles. India has become a global hub for film production, digital content, gaming, fashion, and music,” says PM Modi.

The PM highlighted that innovative people can drive a creative transformation through their enthusiasm and productivity. He urged innovative thinkers from across the globe to collaborate in transforming India into a worldwide center of creativity.

Modi says, “Today, the world is seeking new ways to share stories and ideas. India holds a priceless treasure of narratives and concepts that span thousands of years. This rich storytelling heritage should be shared across the globe and presented to future generations in fresh and captivating ways.”

“India is emerging as a global hub for film production, digital content, gaming, fashion, music and live concerts so the investors should believe it and start investing in it,” PM Modi.

In India, growth has been witnessed in the OTT platform. The Screen size may be getting smaller but the scope is infinite. The screen is getting micro, but the message is mega so youth can play a major role. There are no boundaries or baggage in the youth's spirit and working style.

Union Minister Ashwini Vaishnaw declared that the Indian Institute of Creative Technology (IICT) will be set up in Mumbai for the first time, with the central government sanctioning a budget of Rs 400 crore. Major companies such as Google, Apple, Microsoft, and Adobe will join forces to establish the institute.

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Ashwini says, "With WAVES, India is advancing toward establishing itself as a worldwide center for the creative sector."