Operation Sindoor: India’s Decisive Action Against Terrorism Draws Responsible Global Responses

New Delhi/Mumbai, In the early hours of May 7, the Indian Armed Forces launched Operation Sindoor—a coordinated series of 24 high-precision strikes on nine terror camps across the border in Pakistan. The operation was a direct response to last month’s brutal terrorist attack in Pahalgam, which claimed numerous lives and sparked national outrage. Reaffirming India’s resolve, the Defence Ministry stated, “Those responsible for the attack will be held accountable.”

The international response has been a blend of concern, caution, and conflicting positions. U.S. President Donald Trump expressed regret over the violence and called for de-escalation, a sentiment echoed by Secretary of State Marco Rubio, who said the situation was being closely monitored. Russia’s Foreign Ministry spokesperson Maria Zakharova urged both countries to step back from the brink, while France’s Foreign Minister Jean-Noel Barrot in an interview highlighted the need to protect civilian lives and avoid further escalation. Japan’s Chief Cabinet Secretary Yoshimasa Hayashi and UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan also emphasized diplomacy and dialogue as the only sustainable path forward.

Amid the general calls for restraint, a few nations adopted firmer stances. Israel’s Ambassador to India, Reuven Azar, voiced unequivocal support for India, strongly condemning the Pahalgam attack and affirming India’s right to defend itself against terrorism. In contrast, China expressed concern but described India’s actions as “regrettable,” signaling disapproval. Turkey went further, siding with Pakistan and calling the strikes “unprovoked aggression”

United Nations Secretary-General António Guterres added a global perspective, urging maximum restraint from both sides and warning that the world cannot afford a confrontation between two nuclear-armed states. India has been proactive in its diplomatic outreach following the operation. External Affairs Minister Dr. S. Jaishankar spoke with Qatar’s Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani. Meanwhile, National Security Advisor Ajit Doval engaged with his counterparts across the U.S., UK, Saudi Arabia, UAE, Japan, Russia, China, and France, including U.S. Secretary of State Rubio and UAE’s Sheikh Tahnoon.

Additionally, India has briefed both the Permanent and Non-Permanent members of the United Nations Security Council on Operation Sindoor.

Offline retail remains remunerative in a disruptive online world

 

~Experts deliberate about bottom-line in offline over valuations in online retail~

Mumbai, May 7, 2025: While online is the disruptive buzzword, offline still rules the roost, according to experts speaking at the two-day Phygital Retail Convention 2025 organized by the Images Group.

“Online is a matter of discount in India,” said Kumar Nitesh, CEO - Ajio Business, Trend Footwear - Reliance Retail indicating that margins are much better offline. Average online business is 25%, experts at the panel discussion said beyond, which can drive valuations, but bottom-line bleeds and rest on the offline business. 

Earlier in the day, talking about profitability, P Senthilkumar, Senior Partner, Vector Consulting indicated that fast moving trends in fashions in India is leading to high gross working capital and in turn low inventory turnover.

The long lead time to forecast a trend is leading to inaccuracy in predicting demand as product lifecycle is getting limited to four months, Senthilkumar said, “What was sold in the previous session is no more relevant in the next season in a fast paced industry with changing demand profile,” he said. 

Speaking later in the session, Shiv Shivakumar, Thought Leader and Management Thinker pointed out that apparel segment is all about buy two, get one free and where retail approach in being profit making has failed due to absence of innovation.

Drawing a parallel, Shivakumar said, unlike airlines where the revenue is in rupees and costs incurred in dollars unlike the IT services where it is the other way round, retail must look at the latter to manage their costs, de-risk their model and improve their bottom-line. Beyond fashion retail, experts at the conclave pointed out towards the changing retail universe led by 

experimental behavior among the new age consumers.

Participating in the session, B S Nagesh, Chairman, Shoppers Stop Ltd. & Founder, TRRAIN, called upon the conventional retail grocery stores to adopt technology and scale up their operations as has been established by some of the old age retailers.

Speaking on the changing consumer mindset from their study derived from over 700 voices, Nikhil Bhatia, Managing Director, Capital Markets & Land, CBRE India pointed out that entertainment is the new cornerstone of the experimental economy. According to their study, entertainment led segments had seen a 150% increase with family entertainment centers driving footfalls in metro cities like Pune, Bengaluru and Mumbai that include upscale bowling alleys and gourmet dining, Bhatia said.

About IMAGES Group:

IMAGES Group is the biggest retail intelligence association in South Asia and the Middle East, whose numerous items and administrations work as impetus for the productive development of present day retail through information stage initiative. The Group's knowledge platforms incorporate print and online reportage, research review, and significant yearly business occasions with Conferences, Master-Classes and Workshops serving multiple verticals/fragments/tasks of retail.

WAVEX 2025 Highlights Investment Potential of M&E Startups; working on dedicated angel network for M&E

30 startups were given one-on-one pitching opportunities at WAVES

Mumbai, 4 May 2025

 

WAVEX 2025, the flagship startup initiative under the World Audio-Visual Entertainment Summit (WAVES) being held in Mumbai is a promising intersection of innovation, entrepreneurship, and investment.

Shri Ashutosh Mohle, Joint Director at the Ministry of Information & Broadcasting (MIB), set the tone with a succinct overview of WAVEX, underscoring its vision of nurturing startups in the M&E space and providing a national platform to scale up their ideas.

Sandeep Jhingran, Chief Growth Officer, Internet and Mobile Association of India (IMAI), expressed satisfaction with the promising response to the initiative. “We received over a thousand applications. Thirty of them pitched directly to investors and over half of them are already in active conversations,” he revealed, emphasizing that such efforts are essential to give focused attention to M&E startups.

Investor voices added further perspective to the transformative potential of the initiative. Shri Rajesh Joshi, Venue Partner from Warmup Ventures, reflected on his personal journey from being a startup founder to becoming an investor. “Life has come a full circle…We’re now speaking with 11 startups,” he added.

Shri Mustafa Harnesswala, Founder of CABIL, highlighted the traditional reluctance in funding this space. “Many shy away from investing in media and entertainment. WAVES is shifting that mindset. We’re now working on creating a dedicated angel network for M&E, and even exploring global linkages through collaborations with international governments.”

The panel also fielded questions from the media, offering insight into the evolving startup landscape. When asked how investors differentiate meaningful content, Rajesh cited the example of “Giggle,” a startup app that is creating a platform that helps avoid cyberbullying and sexual content, calling it a benchmark for responsible innovation.

On gender representation, Sandeep acknowledged the limited participation of women entrepreneurs. “We’re committed to doing better. In the future editions we hope to see more women entrepreneurs coming in,” he added.

Expanding on the event’s format, Sandeep Jhingran shared that 30 startups were given one-on-one pitching opportunities in 2 days; Mustafa Harnesswala emphasized the need for monetization strategies for content creators, stating that initiatives like WAVES help bridge that gap.

WAVEX 2025 continues to establish itself as a game-changer in the startup ecosystem for the M&E sector, breaking old boundaries and fostering new opportunities for innovators across India.

 

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HUDCO Financial Results for FY2024-25

HUDCO Announces Record-Breaking Financial Results for Fiscal Year 2024-25, Demonstrating Strong Growth and Strategic Leadership  

Mumbai, 7th May, 2025

 

The Board of Directors of Housing and Urban Development Corporation Limited (HUDCO), in its Board meeting held today at Mumbai, approved the Financial Results for the Fiscal Year ended 31st March 2025.

 

The Company reported exceptional & record-breaking financial results, marking a remarkable period of significant growth and profitability, with 27.98 % increase in the Profit After Tax (PAT) Year on Year (YoY). The Revenue from Operations recorded a growth of 32.46% YoY. This outstanding performance is attributed to consistent growth in the Loan Book from Rs.92,654 Crore to Rs. 1,24,828 Crore YoY, highest ever growth of 55% in loan sanctions and 122 % in disbursement and a significant reduction in Net Non-Performing Assets (NPAs) from 0.36% to 0.25% YoY.  The Company's outstanding performance underscores its strategic vision, operational excellence, market penetration, and unwavering commitment to delivering value to its stakeholders.

Key Financial Results:

Key financial results for FY2024-25 compared to FY 2023-24 are as follows:

• Revenue from Operation: Growth of 32.46% on YoY from Rs.7784.29 Crore in FY24 to Rs. 10311.29 Crore in FY25, with highest ever annual disbursement of Rs.40,038 Crore. This growth reflects strong demand for diversified housing & infrastructure products and successful market penetration.

• Profit After Tax: Growth of 28% on YoY from Rs.2116.74 Crore in FY24 to Rs. 2709.14 Crore in FY25. This improvement reflects the company’s effective cost management and operational efficiencies

• Loan Book: Growth from Rs.92,654 Crore to Rs.1,24,828 Crore YoY, a growth of 34.72% over the previous year

• Gross NPAs: Significant reduction from 2.71% to 1.67% YoY

• Net NPAs: Significant reduction from 0.36% to 0.25% YoY

• Earnings Per Share: growth from Rs. 10.57 to Rs. 13.53 YoY, a growth of 28%. This reflects our confidence in the company's financial strength and commitment to returning value to our shareholders.

Shri Sanjay Kulshrestha, Chairman & Managing Director of HUDCO, while expressing his satisfaction at yet another year of exceptional Financial Results said, “Our results are reflective of not only our strategic initiatives but also the dedication and hard work of our talented team as well as trust and support of the stakeholders. Going forward HUDCO, being a government company under MoHUA with lowest levels of NNPA, Debt-Equity and comfortable CAR, is envisaged to play a catalytic role in financing infrastructure beyond housing for creating assets for the Viksit Bharat. He thanked investors for reposing confidence in HUDCO which has helped in increasing the market cap five-fold, since March 2023. In order to optimize cost of borrowings, funds through External Commercial Borrowings (ECB) route are being mobilized/explored. Current Fiscal Budget has laid thrust on Housing and Infrastructure in a big way and HUDCO is geared to capitalize on these opportunities.

CMD, HUDCO conveyed his gratitude to Shri Manohar Lal, Hon'ble Union Minister of Housing and Urban Affairs; Shri Tokhan Sahu, Hon'ble Minister of State, Housing & Urban Affairs; Shri Srinivas R. Katikithala, Secretary, MoHUA and Board of Directors for their unstinted support and guidance.

Strategic Initiatives taken  

HUDCO’s resounding financial results for FY25 is the result of several key strategic policy initiatives taken during the last 18 months such as: 

● Obtaining Navratna & NBFC-IFC status, which places HUDCO amongst group of elite CPSEs;

● Comprehensive cost management and fundraising strategy aimed at reducing the cost of capital and strengthening its funding base diversified sources such as External Commercial Borrowings (ECB) route by successfully tapping the Japanese market, getting permission to issue 54EC Capital Gain Bonds & Zero-Coupon Bonds, etc. The initiatives taken during the year have already begun to yield results, as our weighted average incremental cost of borrowing has reduced from 7.10% last year to 6.75% currently.

● Resolution of Stressed Asset with recovery of Rs. 660 crore from NPA aacounts;

● Updation of old policies & formulation of New Policy (e.g. ESG Policy);  

● Fresh recruitment & HR restructuring; and 

● Digital Initiatives including ERP & e-office system.

Future Outlook:

● As a cost-efficient and market-responsive organization, HUDCO is focused on optimizing its borrowing structure to support expanding disbursement needs. For FY26, HUDCO plans to raise ₹65,000 crore in borrowings, up from ₹55,000 crore in FY25. The authorization to issue 54EC Capital Gains Bonds and Zero-Coupon Bonds will enable access to long-tenor, low-cost funds, strengthening support for bankable projects. To capitalize on this opportunity, HUDCO is launching its 54EC Capital Gains Bonds on 7th May 2025.

● Aiming for a Zero Net NPA Company in next 18 months. 

● We will also continue to invest in our training, research and development, strategic partnerships, talent acquisition to drive sustainable long-term growth and deliver even greater value to our stakeholders. 

● We are fully committed and geared up to supporting GoI’s vision of Viksit Bharat@2047 through creation of sustainable and resilient Infrastructure by supplementing key GoI programmes like PMAY-Urban 2.0, Urban Challenge Fund, Smart Cities, AMRUT 2.0, SBM 2.0 and Jal Jeevan Mission.

● We aim to strengthen our position in the urban development sector by offering integrated solutions across critical areas such as waste management, water supply, sewage, drainage, land acquisition, integrated townships, industrial corridors, sustainable mobility (metros, expressways), health and green infrastructure, energy transition, and port infrastructure. 

● To empower states and Urban Local Bodies (ULBs), HUDCO plans to provide end-to-end project support—including DPR preparation, approval facilitation, cost-effective financing, capacity building, and system planning. 

● Looking ahead, HUDCO is set to establish a dedicated Urban Development Single Window Solution in collaboration with Multilateral Institutions and Development Finance Institutions (DFIs), backed by a Project Management Unit (PMU).  As a key catalyst, this platform will offer streamlined, end-to-end project support—enhancing efficiency, coordination, and delivery across the urban development spectrum.

“Rise of India’s Indigenous Sports to the Global Stage” — A Call to Celebrate and Globalize India’s Sporting Heritage, at WAVES 2025

Indigenous games are not just physical contests, but an integral part of our communities, traditions and identity: Odisha CM Mohan Charan Majhi

Khelo India initiative is a transformative force in nurturing grassroots talent and shaping the future of Indian sports: Raksha Nikhil Khadse

Mumbai | 4 May 2025

In a spirited and insightful panel discussion held yesterday at WAVES, Mumbai, the spotlight was turned on the rich heritage of Indigenous Sports and their growing journey from Indian heartlands to global arenas. The session, titled “Indigenous Sports: From India to the Global Stage”, witnessed the convergence of influential policymakers, celebrated athletes, sports entrepreneurs, and thought leaders united in a shared vision: to catapult India’s native games to international recognition and success.

Delivering the keynote address, Shri Mohan Charan Majhi, Chief Minister of Odisha, passionately highlighted the deep cultural roots of indigenous sports in India. “These games are not just physical contests; they are an integral part of our communities, our traditions, and our identity,” he said, expressing gratitude to Prime Minister Shri Narendra Modi for his visionary leadership towards making India a global sports powerhouse. Shri Majhi further highlighted that Odisha, home to vibrant tribal communities has preserved these ancient games and is emerging as a sports hub. “We are committed to nurturing rural talents and ensuring every gifted athlete finds a platform to shine”, he stated.

Smt. Raksha Nikhil Khadse, Union Minister of State for Youth Affairs & Sports, expressed her heartfelt gratitude to Prime Minister Narendra Modi and the WAVES platform for fostering a meaningful dialogue around this significant movement. “India has already emerged as a global ambassador of Yoga. Now, we are proudly showcasing our traditional games like Kho-Kho and Kabaddi on the international stage. The Khelo India initiative is proving to be a transformative force in nurturing grassroots talent and shaping the future of Indian sports,” she remarked. She further emphasized that sports not only promote physical well-being but also strengthen relationships and foster unity—reflecting the very essence of India’s rich cultural heritage.

Anupam Goswami, League Commissioner, Pro Kabaddi League, emphasized India's vast potential as a sports market. “We must harness this opportunity by promoting indigenous sports, which hold immense emotional and cultural value”, he added.

Fazel Atrachali, iconic PKL athlete from Iran, shared how Kabaddi has transformed lives. “Thanks to PKL, Kabaddi has become a professional sport, giving players fame and financial security”, flagged an elated Fazel.

Nic Coward, Regulatory Chairperson, English Cricket Board, stressed the importance of globalization and modern distribution channels. “To popularize traditional sports worldwide, we must embrace digital platforms, including e-sports”, he flagged.

Sudhanshu Mittal, President of the Kho-Kho Federation, revealed that Kho-Kho is now played in 55 countries, with a target to reach over 90 nations by year’s end. “Our indigenous games are unique—requiring more strategy, stamina, and spirit. They hold immense global appeal. But they need government backing, branding, and diplomatic support”, he asserted.

Yannick Colaco, Founder of Fancode, pointed to technology as a game-changer. “Access and engagement are key. With the right tech, we can create deeper fan connections and take Indian sports global”, he added.

The session was moderated by Mantra Mugdh, who masterfully navigated the discussion, weaving together diverse insights and forward-looking strategies.

Bharat Pavilion: From Kala to Code – receives overwhelming response at WAVES 2025

Mumbai, 4 May 2025

 The Bharat Pavilion, an immersive viewing zone that took visitors through the continuum of India’s storytelling traditions at WAVES 2025, has received an overwhelming reception and response from the public. The Pavilion, under the theme "From Kala to Code", offered a compelling narrative of India's evolution in media and entertainment—from oral and visual traditions to cutting-edge digital innovations.

   

The Bharat Pavillion presented the soul of India, balancing our rich cultural heritage with the new waves of technical advancements that are already underway. On the inaugural day of WAVES 2025, Prime Minister Shri Narendra Modi visited the Pavilion. Chief Minister of Maharashtra, Shri Devendra Fadnavis, External Affairs Minister Shri S. Jaishankar, Union Minister Shri Ashwini Vaishnaw and many other dignitaries visited the pavilion and appreciated its role in telling the story of Bharat. The pavilion also garnered huge footfall, leaving people in awe and wonder on discovering the many treasures of our nation.

  

Celebrating India’s creative journey, the Bharat Pavilion was not just an exhibition of content but a powerful expression of India as a creator. It projected India’s cultural depth, artistic excellence, and emerging dominance in global storytelling. The Pavilion was structured into four thematic zones, each reflecting a different dimension of India’s creative legacy:

Shruti – On Oral Traditions: Honouring India’s ancient oral narrative heritage, this zone explored how rhythm and melody preserved collective memory.

Key highlights:

• Guru-Shishya Parampara: Tribute to oral knowledge systems.
• Mystical Whispers: Vedic chants and spiritual traditions.
• Dhun: Museum of Melodies: Display of classical Indian instruments.
• Echoes of the Land: Immersive folk soundscapes.
• Making Waves with Music: From Gauhar Jaan to global maestros.
• Spotify Stage: Live classical performance by Amaan Ali Bangash, Ayaan Ali Bangash, and younger family members.
• India on Air: Legacy of All India Radio.
• Playback Nation: 100 years of iconic playback singing.
• Cassette to Cloud: Evolution of music formats.
• Podcast Central: Rise of spoken word audio.
• Whispers of Wisdom: Growth of audiobooks in India.

Kriti – Inscriptions and written tradition: This zone highlighted the written word’s role in preserving India’s civilizational memory.

Key highlights:

• First Signs: Early cave paintings and communication.
• Imprints of Indus: Interactive Indus Valley experience.
• Ramayana Across Civilizations: Epic’s journey through Asia.
• Edicts of Bharat: Ashoka’s inscriptions.
• Wisdom Preserved: Manuscripts from ancient libraries.
• Memoirs of Metal: Copperplate documentation.
• The Power of Print: Rise of Indian journalism.
• The Indian Shelf: Interactive digital library of iconic books.
• Cover Story: Celebrating Indian magazines.
• The Comics Corner: From classic comics to graphic novels.

Drishti – Visual Traditions

Focusing on visual storytelling, this zone spanned from cave art to modern cinema.

Key highlights:

• Kala Yatra: LED tunnel showcasing India’s visual art evolution.
• The Eternal Rhythm: Holographic display of Harappa’s Dancing Girl.
• The Essence of Emotion: Interactive exploration of Navarasa.
• Nataraja Display: Visual homage to Shiva as the cosmic dancer.
• Folk Chronicles: Folk dances, puppetry, and tribal expressions.
• Frames of the Past: Film evolution screenings.
• Wall of Fame: Celebrating icons of Indian cinema.
• Lights Camera Legacy: Tributes to film creators and technicians.
• TV through the Years: Display from Doordarshan to the streaming era.

Creator’s Leap

This zone showcased India’s innovation in future-facing storytelling technologies.

Key highlights:

• Displays of Indian advances in AI, XR, gaming, metaverse, and animation.
• Showcasing emerging Indian intellectual properties.
• Interactive demos reflecting the future of storytelling.

The Bharat Pavilion at WAVES 2025 offered a multi-sensory celebration of India's storytelling traditions and innovations. It reaffirmed India's identity as a creative powerhouse, rooted in heritage and looking to the future.

   

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WAVES 2025: A People's Movement that Empowers Every Creator to be a Star

WAVES Bazaar a resounding success; records business transactions worth more than Rs. 1328 crores with 3000+ B2B Meetings in 3 days; Govt of Maharashtra signs MoUs worth Rs 8000 crores in M&E Sector

Member Nations adopt WAVES Declaration at Global Media Dialogue

Investment worth Rs 50 crores in pipeline as part of WAVEX Startup Accelerator

Indian Institute of Creative Technology (IICT) poised to be a milestone in capacity building for Creative Economy

Create in India Challenge promises to foster Creative Economy in India

Knowledge Reports unveiled at WAVES project India’s giant leaps in Creative Economy

Mumbai, 4 May 2025

 

The premier edition of World Audio Visual and Entertainment Summit (WAVES 2025) concluded on a high note today in Mumbai, registering an overwhelming response from exhibitors, industry leaders, startups, policymakers, academia, and the general public. The summit emerged as a key convergence point for the media and entertainment ecosystem, drawing participation from every segment of the industry — from celebrated artists and influential content creators to tech innovators and corporate leaders. With a vibrant mix of exhibitions, panel discussions, and B2B collaborations, the event witnessed a remarkable turnout and reaffirmed India's position as a rising global Powerhouse of media and entertainment.

The celebration of creativity, technology, and storytelling began with the inauguration of its maiden edition by Prime Minister Shri Narendra Modi in a star-studded event held in Jio World Convention Centre. In his inaugural address, Prime Minister Modi remarked that WAVES is not just an acronym, it is a wave of culture, creativity and universal connectivity. The Prime Minister said that India is emerging as a global hub for film production, digital content, gaming, fashion, music and live concerts. He called upon the creators of the world to dream big and tell their stories; to the investors to invest not just in platforms, but in people; and to the Indian youth - to tell their one billion untold stories to the world. Declaring WAVES as the dawn of India’s Orange Economy, he urged the youth to lead this creative surge and make India a global creative hub.

High-impact Knowledge Sessions

Taking forward the vision of the Prime Minister, WAVES 2025, over the last four days, acted as a platform for high-level exchange of ideas, skills, and sectoral insights. The Conference Track of WAVES 2025 served as a vital forum for dialogue and collaboration, bringing together thought leaders, industry pioneers, policymakers, and professionals from across the globe. Through a carefully curated series of plenary sessions, breakout discussions, and master classes, the summit explored the latest innovations and emerging strategies shaping the future of the Media & Entertainment industry. The sessions enabled meaningful exchange of ideas, cutting across domains and specialisations.

The maiden edition of WAVES will be known for the high impact knowledge sessions and the discourse covering a broad spectrum of topics, including Broadcasting and Infotainment, AVGC-XR, Digital Media, and Films. With more than 140 sessions featuring more than 100 international speakers, spread across three main halls (each accommodating over 1,000 participants) and five additional halls with capacities ranging from 75 to 150, the Summit maintained overwhelming attendance levels — with many sessions recording full occupancy.

The plenary Sessions featured over 50 keynote addresses by eminent personalities such as Mukesh Ambani, Ted Sarandos, Kiran Mazumdar-Shaw, Neal Mohan, Shantanu Narayen, Mark Read, Adam Mosseri, and Nita Ambani. Their insights offered compelling perspectives on the evolving entertainment industry, advertising landscape, and digital transformation. Film icons including Chiranjeevi, Mohanlal, Hema Malini, Akshay Kumar, Nagarjuna, Shah Rukh Khan, Deepika Padukone, Allu Arjun, and Shekhar Kapur, many of whom were also members of the WAVES Advisory Board, engaged in thought-provoking conversations on the future of cinema and content creation in the age of virtual production and artificial intelligence.

The 40 masterclasses at WAVES 2025 were designed to offer practical learning and creative exploration. Participants gained direct exposure to industry techniques through sessions such as The Art of Acting by Aamir Khan, Craft of Direction by Farhan Akhtar, and Insights into Filmmaking by Michael Lehmann. Other sessions explored behind-the-scenes narratives like the making of Panchayat by Amazon Prime, designing AR lenses, creating AI avatars, and developing games using generative AI. These sessions provided professionals and aspiring creators with actionable knowledge and tools to stay ahead in a rapidly evolving creative economy.

WAVES also featured 55 breakout sessions, which provided a platform for in-depth discussions on specialised themes such as broadcasting, digital media, OTT, AI, Music, News, Live events, Animation, Gaming, Virtual production, Comics, and Filmmaking. These interactive sessions brought together senior professionals from leading companies including Meta, Google, Amazon, X, Snap, Spotify, DNEG, Netflix, and NVIDIA, along with representatives from industry bodies such as FICCI, CII, and IMI. Designed to encourage sector-specific insights and collaboration, the discussions addressed critical challenges and charted new directions for growth and innovation.

WAVES Bazaar garners Rs 1328 crores in Business Deals; Govt of Maharashtra signs MoUs worth Rs 8000 crores in M&E Sector

The inaugural edition of WAVES Bazaar, organized under the umbrella of WAVES, was a resounding success as it has established itself as a premier platform for international business collaboration in the creative industries. The marketplace recorded business deals or transactions worth Rs. 1328 crores across the film, music, radio, VFX, and animation sectors. Out of the total estimated outcome, Rs. 971 cr has been from B2B meetings alone. A key highlight of the Bazaar was the Buyer-Seller Market which witnessed over 3,000 B2B meetings. In a major achievement under international collaboration, Film India Screen Collective and Screen Canterbury NZ from New Zealand announced a collaborative proposal to launch the first-ever Indian Film Festival in New Zealand. Only Much Louder CEO Tushar Kumar and Alexander Zharov, CEO of Russian firm Gazprom Media CEO announcing early talks on a MoU to collaborate on cross-cultural festivals and co-produce comedy and music shows in Russia and India was another achievement. The announcement of the Prime Video & CJ ENM Multi-Year Collaboration was another highlight of the Bazaar as the strategic partnership was unveiled to distribute premium Korean content globally. The other milestones include the announcement of the film ‘Devi Chowdhurani,’ which became the India’s first official Indo-UK co-production, and the film ‘Violated’ which will be a co-production of Fusion Flicks from the UK and JVD Films.

The Maharashtra government has also added business value to the summit by signing MoUs worth ₹8,000 crore at the WAVES. While MoUs worth ₹1,500 crore were signed each with the University of York and the University of Western Australia, the state’s Industries Department signed MoUs worth ₹3,000 cr and ₹2,000 cr with Prime Focus and Godrej respectively.

Member Nations adopt ‘WAVES Declaration’ at the Global Media Dialogue 2025

The Global Media Dialogue 2025, held during the World Audio Visual and Entertainment Summit (WAVES 2025) in Mumbai, was a landmark event with participation from 77 nations, underscoring India’s pivotal role in the global media and entertainment arena. The dialogue highlighted the power of international collaborations in fostering creativity while respecting cultural sensitivities. The member nations collectively adopted the ‘WAVES Declaration’, emphasizing the urgency of bridging the digital divide and leveraging media to promote global peace and harmony. The discussions underscored the profound role of films in uniting diverse cultures and the growing significance of individual stories in the creator economy, amplified by technological advancements.

Dr. S. Jaishankar, Union External Affairs Minister, stressed the need for a synergy between technology and tradition, advocating for the empowerment of youth through skill development and innovation. Shri Ashwini Vaishnaw, Union Minister for Information & Broadcasting, highlighted the transformative impact of technology on content creation and the critical importance of fostering local content, co-production agreements, and joint funding initiatives. India’s "Create in India" challenges, which successfully identified over 700 global creators, were showcased, with plans to expand them to 25 languages in the next edition. This summit laid a robust foundation for future global cooperation in media and entertainment, emphasizing creative excellence and ethical content production.

WAVEX: An Accelerator for Aspiring Start-ups in M&E Sector

WAVES Start-Up Accelerator selected 30 M&E Start-Ups to pitch their unique ideas directly to a battery of heavy-weight investors like Lumikai, Jio, CABIL, WarmUp Ventures – among the 45 key angel investors on board. With over 1000 registrations, the initiative germinated investment discussions worth Rs. 50 crore that are in pipeline. Apart from this, over 100 Start-Ups exhibited their ideas and products to potential investors in the dedicated Start-Up pavilion. WAVEX as an initiative aims to create a palpable investment ecosystem for start-ups to thrive and grow by forming an angel investor network specifically focussed on the Media and Entertainment sector. Start-Ups from Tier 1 and Tier 2 shined at WAVEX and their founders took centre-stage. To facilitate such creators better, WAVEX will set up a network of incubators with dedicated mentors for handholding and investors for seed investment. WAVEX is unique as it facilitates ideas that do not have a tangible product yet, but have a solid potential.

Key Knowledge Reports Released at WAVES 2025

Dr. L. Murugan, Union Minister of State for Information & Broadcasting and Parliamentary Affairs, unveiled five pivotal reports at the WAVES Summit 2025 in Mumbai. These reports provide a comprehensive overview of India's thriving media and entertainment ecosystem, covering key aspects like content production, policy frameworks, and live events.

• Statistical Handbook on Media & Entertainment 2024-25:The Statistical Handbook, prepared by the Ministry of Information & Broadcasting, offers valuable data-driven insights into India’s media landscape. It highlights growth trends in broadcasting, digital media, film certifications, and public media services, providing essential information for future policymaking and industry strategies based on empirical evidence.
• ‘From Content to Commerce’ by BCG:  Boston Consulting Group’s Report highlights the explosive growth of India’s creator economy, estimating 2 to 2.5 million active digital creators. These creators influence over $350 billion in annual spending, with projections to surpass $1 trillion by 2030. It emphasizes building long-term, authentic partnerships over transactional engagements with creators.
• ‘A Studio Called India’ by Ernst & Young: Ernst & Young’s Report envisions India as a global content hub, leveraging its linguistic diversity, rich culture, and technological expertise. It highlights India's 40%-60% cost advantage in animation and VFX services and growing international demand for Indian OTT content, strengthening India's role in global cultural diplomacy.
• Legal Currents and Live Events Industry Reports: Khaitan & Co.’s Legal Handbook covers vital issues such as influencer marketing and compliance norms, helping media stakeholders navigate India’s regulatory landscape. Additionally, the White paper on India’s live events industry outlines the sector’s 15% growth rate, advocating for upgraded infrastructure and streamlined licensing processes to support the booming sector.

Indian Institute of Creative Technology: A National Centre of Excellence

Indian Institute of Creative Technology (IICT)— a National Centre of Excellence being set up in Mumbai is poised to be a milestone in capacity building for Creative Economy. Dedicated exclusively to the AVGC-XR sector, the establishment of the Institute was formalized on Day-3 of WAVES 2025. WAVES also witnessed the signing of strategic MoUs with Industry Associations to transform IICT as a world-class institution in the M&E Sector. Union Minister Shri Ashwini Vaishnaw, who ceremonially flagged off these strategic associations, emphasized India's potential to become a global leader in media and entertainment, stating that IICT is on track to evolve into a premier institution in its field, much like how IITs and IIMs have become benchmarks in technology and management education. Some companies who have extended their hands for long-term collaborations are JioStar, Adobe, Google & YouTube, Meta, Wacom, Microsoft and NVIDIA.

Create in India Challenge & CreatoSphere: A Global Celebration of Creative Talent

One of the standout highlights of WAVES 2025 was the grand culmination of the Create in India Challenge (CIC) Season 1, which drew nearly one lakh registrations from over 60 countries. Launched as a flagship initiative under WAVES, CIC brought together creators across age, geography, and disciplines, spanning animation, XR, gaming, AI, filmmaking, digital music, and more. The initiative has transformed every creator who participated to be a star.

From 32 imaginative and future-forward challenges emerged 750+ finalists, including 1100+ international participants. These talented individuals showcased their work at Creatosphere, a dedicated innovation zone at WAVES, where they presented their projects, could network with industry leaders for potential associations.

Beyond just a competition, the Create in India Challenge evolved into a movement celebrating diversity, youth energy, and storytelling rooted in both tradition and technology. With finalists ranging from 12 to 66 years of age, and strong participation from all Indian states and UTs, the initiative embodied inclusivity and aspiration. The Creatosphere was also a launchpad for themes like grassroots innovation, drone storytelling, and future-ready content offering a glimpse into the creative India of tomorrow. As Union Minister Ashwini Vaishnaw aptly said during the award ceremony of CIC, “The journey has just begun.” And with initiatives like the Indian Institute of Creative Technology on the horizon, the momentum is only growing stronger.

8th National Community Radio Sammelan and National Awards for CRs

Organized as part of the WAVES, the 8th National Community Radio Conference in which Union Minister of State Dr. L. Murugan honored 12 outstanding community radio stations with National Community Radio Awards at the event. Dr L. Murugan congratulated the winners and said that the national conference is aimed to strengthen the community media landscape in India through innovation, inclusiveness, and impact. The conference brought together representatives from more than 400 Community Radio (CR) Stations across the country on one platform to provide an opportunity for dialogue and collaboration. At present, there are 531 CR Stations across the country.

Bharat Pavilion – India’s Journey from Kala to Code

The Bharat Pavilion, an immersive viewing zone that took visitors through the continuum of India’s storytelling traditions at WAVES 2025, has received an overwhelming reception and response from the public. The Pavilion, under the theme "From Kala to Code", offered a compelling narrative of India's evolution in media and entertainment—from oral and visual traditions to cutting-edge digital innovations.

The Pavillion presented the soul of India, balancing our rich cultural heritage with the new waves of technical advancements that are already underway. On the inaugural day of WAVES 2025, Prime Minister Shri Narendra Modi visited the Pavilion. Chief Minister of Maharashtra, Shri Devendra Fadnavis, External Affairs Minister Shri S. Jaishankar, Union Minister Shri Ashwini Vaishnaw and many other dignitaries visited the pavilion and appreciated its role in telling the story of Bharat. The pavilion also garnered huge footfall, leaving people in awe and wonder on discovering the many treasures of our nation.

Celebrating India’s creative journey, the Bharat Pavilion was not just an exhibition of content but a powerful expression of India as a creator. It projected India’s cultural depth, artistic excellence, and emerging dominance in global storytelling.

WAVES concludes with the promise of bright future for Creative Economy

WAVES 2025 has set a benchmark as a global platform that seamlessly brought together creativity, commerce, and collaboration. From visionary policy announcements and landmark international agreements to robust business deals and groundbreaking startup investments, the summit underscored India’s growing stature as a global leader in the creative economy. The adoption of the WAVES Declaration by 77 participating nations and the success of the WAVES Bazaar and WAVEX Accelerator collectively signal a future anchored in innovation, inclusivity, and international partnerships. As the curtains fall on this historic first edition, WAVES has not only showcased India's creative prowess but has also catalysed a sustained global movement — one that will continue to inspire, invest in, and elevate the voices of creators worldwide.

 

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