Explanation:

• The Ministry of Information Broadcasting launched 25 challenges under the 'Create in India Challenge—Season 1' for the World Audio Visual & Entertainment Summit (WAVES) in New Delhi. WAVES is a platform for collaboration, innovation, and discussions in the Media and Entertainment (M&E) industry. Its goals include boosting India's creator economy, making India an attractive investment destination, and adapting to new industry trends. This initiative aims to enhance India's global presence in the M&E industry. It promotes cross-cultural exchanges and aims to develop a skilled workforce. Hence option 1st is correct.