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The Centre has informed the Lok Sabha that the Ministry of Information and Broadcasting has established two digital platforms WAVES Bazaar and WaveX to strengthen India’s Animation, Visual Effects, Gaming, Comics and Extended Reality (AVGC-XR) ecosystem and create new business, investment and innovation opportunities for the Media & Entertainment sector.
In a written reply to an Unstarred Question, Minister of State for Information and Broadcasting and Parliamentary Affairs, Dr. L. Murugan, said WAVES Bazaar has been developed as a year-round global marketplace for the Media & Entertainment industry.
According to a MIB press release today,the platform enables business discovery, business-to-business (B2B) meetings, market access, investment facilitation and international collaboration across films, animation, visual effects (VFX), gaming, extended reality (XR), immersive media, music and digital content.
Dr. Murugan also informed the House that the Ministry has established WaveX as a dedicated startup platform to promote innovation in the Media & Entertainment sector.
The platform connects startups with investors, incubators and industry partners through investor connect initiatives, incubation support and pitching opportunities. However, WaveX does not provide direct funding to startups.
The Minister further said that the government has established the Indian Institute of Creative Technologies (IICT) as the National Centre of Excellence for the AVGC-XR sector in collaboration with the Government of Maharashtra and industry bodies.
He added that IICT has partnered with leading global technology companies and academic institutions to strengthen India’s AVGC-XR ecosystem.
These partnerships focus on curriculum co-development, specialised skill development programmes, access to advanced technologies, research and development, internships, startup incubation, scholarships, industry mentorship and international skill exchange.
The information was provided by Dr. L. Murugan in a written reply to an Unstarred Question in the Lok Sabha.
