India's billion plus stories will fuel economic growth: PM Modi
MUMBAI: Today, when the world is looking for new ways of storytelling, India with its "timeless treasures" can help build an
Orange Economy
of content, creativity and culture,
PM Modi
said at the World Audio Visual Entertainment Summit (WAVES) in Mumbai Thursday.
Stressing on the event's potential as a platform for entertainers and investors to connect and collaborate, he said it could transform India into the world's third-largest economy.
The arc of
Indian cinema
beginning with Dadasaheb Phalke's Raja Harishchandra in 1913, the PM said, has widened over the years with the popularity of Raj Kapoor in Russia, Satyajit Ray at Cannes and the Oscar-winning RRR.
The
creative economy
's contribution to GDP is set to increase significantly, he said.
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Dream big & tell your story: PM to creators & investors
India is not only home to a billion-plus population, but also a billion-plus stories,' said the PM, adding that every street in the country has a story, every mountain carries a song, and every river hums a tune. Cautioning against potential dehumanisation resulting from technological advancements in the creative industries, Modi stressed the necessity of retaining emotional depth and intellectual richness in expression.
Advising creators and investors to 'dream big and tell your story', he urged them to invest in people, not just platforms. 'We must not turn humans into robots; instead, we must make them more enriched and sensitive,' he said, noting that genuine progress should factor in the arts—including music, dance and painting — not just information, technology, or speed.
As an example, Modi cited the $430-billion global animation market which is projected to double in the next decade. The PM said this presents a significant opportunity for India's animation and graphics industry, which could leverage the expansion for greater reach. 'Indian films have now reached audiences across the globe. Today, Indian films are screened in more than 100 countries. Foreign audiences are not just watching Indian films but also trying to understand them. A notable aspect of Indian cinema is that many international viewers are watching Indian content with subtitles. India has become a global hub for film production, digital content, gaming, fashion, and music,' he said, pointing to the tenfold growth in the OTT segment in recent years.
India is a world leader in global fintech adoption and the second-largest mobile manufacturer, he added, showing the way forward in other areas such as the creative fields. He also noted Indian cuisine's global popularity and expressed confidence in similar recognition for Indian music — 'Khaana' is becoming popular worldwide; similarly, 'gaana' also has tremendous potential for growth, said Modi.
The Centre has now allocated Rs 400 crore to build the first
Indian Institute of Creative Technology
(IICT) in Mumbai, a decision that was reiterated by Information and Broadcasting minister Ashwini Vaishnaw at the event. IICT is all set to become a national hub for the Animation, Visual Effects, Gaming, Comics, and Extended Reality sector. Work on the institute has already commenced. 'IICT has aligned with a few tech giants for collaborative efforts towards courses. These include NVIDIA, Google, Apple, Microsoft, Meta, Star India, and Adobe,' said Vaishnaw. Maharashtra CM Devendra Fadnavis said Mumbai's Film City, spread over 500 acres, is being developed into a global centre for next-generation studio ecosystems. Of this, 120 acres will be dedicated to a media and entertainment city focused on animation, visual effects, and gaming, he added. IICT is being established by the I&B ministry, in strategic collaboration with FICCI and CII, as a national Centre of Excellence on the lines of IITs and IIMs.
Modi also unveiled postage stamps in memory of Gurudutt, P Bhanumathi, Raj Khosla, Ritwik Ghatak, and Salil Chowdhury on the occasion for their contributions to Indian cinema.
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