New Delhi: For the first time, India will host a global media and entertainment summit this November alongside the International Film Festival of India in Goa. Information and Broadcasting Minister Ashwini Vaishnaw made this announcement on Friday while he was addressing the mega-convention of FICCI FRAMES, which is an extended Federation of Indian Chambers of Commerce and Industry. He further reiterates the commitment of the Government of India in strengthening Intellectual Property Rights in the Media and Entertainment Sector.
Vaishnaw and Chief Minister of Goa Pramod Sawant termed the November 20-24 summit as a “far-reaching” initiative of Prime Minister Narendra Modi to pitch India as a global destination for filming audiovisual content.
“Intellectual property rights are of great value in this sector, and we will be strengthening the eco-system to safe-guard these rights,” Vaishnaw said at the curtain raiser for WAVES. He added that the government was considering low-cost funding options for the Media and Entertainment sector by emulating the model of venture capitalists.
He added that WAVES would bring a new dimension to the collaboration, networking, and growth of the industry. He further added that the sector has produced 3,000 hours of content in 2023 for OTT platforms alone.
The Indian Media and Entertainment industry is valued at an approximate amount of USD 27.5 billion. The government wants WAVES to become a platform that generates ideas, provokes discussions, knowledge sharing, and meaningful collaborations with leaders from the global industry. Through the summit, it also envisions showcasing India as more business-friendly and conducive for the media and entertainment sector in general, making it one of the more preferred investment destinations.
I&B Secretary Sanjay Jaju further said that WAVES would consolidate India as the world leader in the Media and Entertainment business, thereby underlining the potential and preparedness of the country toward engagement with foreign stakeholders.
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