WAVES 2025 and Creative Economy | 11 Feb 2025

Source: ET 

The Prime Minister chaired a virtual meeting of WAVES (World Audio Visual & Entertainment Summit) to amplify India's creative media and economy. 

WAVES: 

  • WAVES is a global summit for the media and entertainment (M&E) industry, organized by the Ministry of Information and Broadcasting.  
  • The summit aims to bring together industry leaders, stakeholders, and innovators to address challenges, explore prospects, and promote global trade, thereby influencing the future of the sector.  
  • The summit launched the "Create in India Challenge," aimed at fostering innovation and creativity in India's creative and media economy. 

Creative Economy (Orange Economy): 

  • The creative economy is a knowledge-based sector involving the creation, production, and distribution of creative goods and services.  
    • It includes industries like advertising, architecture, arts, fashion, film, music, photography, publishing, R&D, and software. 
  • India's creative industry is valued at USD 30 billion and employs nearly 8% of the country's working population. In 2023, India had over 100 million content creators. 

India's Media and Entertainment (M&E): 

  • India's M&E industry, the world's fifth-largest (1st  is US), is projected to grow to USD 44.2 billion by 2028. 

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Read More: Create in India Challenge to Boost Creators' Economy