Mumbai: In a significant step toward advancing India’s creative economy and fostering world-class talent in the media and entertainment industry, the Union Ministry of Information & Broadcasting today signed a tripartite Memorandum of Understanding (MoU) with the Government of Maharashtra, Maharashtra Film, Stage & Cultural Development Corporation Ltd. (MFSCDCL), and the Indian Institute of Creative Technologies (IICT) for the establishment of a first-of-its-kind institute dedicated to Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) in Mumbai.
The MoU was signed between Maharashtra Chief Secretary Sujata Saunik and Secretary, Information and Broadcasting, Sanjay Jaju, and exchanged in the presence of Maharashtra Chief Minister Devendra Fadnavis and Union Minister for Information and Broadcasting Ashwini Vaishnaw.
The Indian Institute of Creative Technologies (IICT) will be located at Dadasaheb Phalke Film City in Goregaon and will serve as a centre of excellence for education, innovation, skill development, and research in the AVGC-XR domain. It is envisioned as a game-changing initiative to position India as a global hub in the creative technology sector.
Speaking at the event, CM Fadnavis said, “This will be a first-of-its-kind institution that will shape India’s creative future. IICT will nurture talent and innovation, enabling the next generation of digital creators.” Echoing this, Union Minister Vaishnaw added that IICT would act as a catalyst for the entertainment industry in Mumbai, helping it scale globally.
The IICT will function as a not-for-profit Section 8 company with a strategic ownership model. The Government of India will hold 34% equity, while the Government of Maharashtra (through MFSCDCL) will hold 14%. The remaining 52% stake will be shared equally between FICCI and CII, representing the private sector’s strong backing.
The Central Government has already sanctioned a one-time grant of ₹391.15 crore to support infrastructure and early operations. The IICT will be housed on a 10-acre land parcel leased by MFSCDCL for 30 years, symbolizing a firm commitment to the digital media and creative technology ecosystem.
The MoU outlines a multi-pronged strategy to make IICT a global leader in creative technology. Highlights include:
- Creation of an AVGC-XR Centre focused on education, skilling, research, and industry growth.
- Formation of a Governing Council and Board of Directors with representatives from government and industry.
- Development of specialized academic and industry councils to ensure relevance and global competitiveness.
- Promotion of public-private partnerships and international collaborations.
A temporary campus for IICT is being readied at NFDC premises in Mumbai, with academic operations expected to commence soon. Once fully operational, IICT is expected to become a premium institute for the creative sector, on par with IITs and IIMs for technology and management.
By nurturing skilled professionals and creators, the institute aims to generate high-value employment, support startups, and unlock India’s creative potential in global markets.
