India Targets $50 Billion Creative Market at Inaugural WAVES Summit

Prime Minister Narendra Modi has inaugurated the first World Audio Visual and Entertainment Summit (WAVES) 2025 in Mumbai. The event marks a strategic push to establish India as a primary global hub for film production, gaming, digital content, music, fashion, and live concerts.

During the summit, the Indian government outlined an ambitious goal to unlock a USD 50 billion market by 2029, expanding the nation's footprint within the global entertainment economy. A central feature of the event was the Global Media Dialogue (GMD), which saw participation from ministers representing over 30 countries, while delegates from up to 77 nations adopted the WAVES Declaration. To facilitate immediate industry growth, the summit introduced the WAVES Bazaar e-marketplace, which currently hosts more than 6,100 buyers, 5,200 sellers, and 2,100 active projects.

The Rise of the Orange Economy

This initiative is part of a broader national strategy to cultivate the "Orange Economy," or the creative economy, under the mantra "Create in India, Create for World." The transition is being supported by a framework of government interventions, including the Skill India initiative and dedicated startup support. Specifically, the government is implementing targeted policies for the AVGC (Animation, Visual Effects, Gaming, and Comics) and XR (Extended Reality) industries to provide the technical infrastructure necessary for high-end production.

Shifting from Consumption to Production

By integrating "Creativity with Coding" and "Art with Augmented Reality," India aims to pivot from being a massive consumer of global media to a leading producer. The strategy leverages the country's significant youth population and expanding digital infrastructure to capture a larger share of the international gaming and animation markets. According to Prime Minister Modi, the current climate represents the "right time to create in India and create for the world," noting that while screens are becoming smaller, the potential for the message remains "mega."

Future Outlook

The success of the WAVES initiative will depend on the effective scaling of the AVGC and XR sectors and the ability of Indian creators to export cultural storytelling on a global scale. While the summit has established the policy framework and networking hubs like the WAVES Bazaar, the industry will now look toward the actual implementation of these policies to meet the 2029 financial targets. Observers will be watching for how the WAVES Declaration translates into bilateral production treaties and increased foreign investment in India's digital content studios.