Centre plans $1bn fund for content creator economy

The government will create a billion dollar fund in collaboration with the private sector to encourage the content creator economy, information and broadcasting minister Ashwini Vaishnaw announced on Thursday.

- Aditi Agrawal

NEW DELHI: In addition, the Union cabinet has also sanctioned ₹391 crore to set up an Indian Institute of Creative Technologies in Mumbai, he said.

Vaishnaw made these announcements after he, external affairs minister S Jaishankar and Maharashtra chief minister Devendra Fadnavis addressed about a hundred ambassadors and high commissioners on the World Audio Visual and Entertainment Summit (WAVES) that will be held in Mumbai from May 1 to 4.

"A billion dollar fund will be created for creator economy which will be basically for making sure that all our energetic creators, using the latest technologies today, they will be able to get access to capital and hone their skills, upgrade their production levels, and reach out to the global market," Vaishnaw said.

This fund will be set up as a public-private partnership whose details will be shared later, he said.