The Centre announced a USD 1 billion fund to give a boost to the emerging creators' economy in the country and reached out to envoys from over 100 countries seeking their participation in the first World Audio Visual and Entertainment Summit (WAVES) to be held in Mumbai.

India is positioning WAVES to be held from May 1 to 4 as the first convergence platform for the media and entertainment sector on the lines of the World Economic Forum at Davos, a gathering of international leaders from governance and business.

• Broadcasting minister D Fadnavis said Mumbai, the entertainment capital of India, was the perfect permanent venue for the WAVES summit like Davos is for the World Economic Forum and Cannes is for the eponymous film festival.
• The minister also announced that the first Indian Institute of Creative Technology will come up in Mumbai and the government of Maharashtra has already allotted land in Film City at Goregaon.
• The WAVES Bazaar will be the marketplace offering a content showcase alongside buyer-seller meets to foster business opportunities.