MUMBAI-–Maharashtra Chief Minister Devendra Fadnavis on Friday highlighted India’s emerging leadership role in artificial intelligence (AI) and the entertainment sector, announcing major initiatives and investments during the ongoing WAVES Summit in Mumbai.
Speaking at an interactive media session at the Maharashtra Pavilion, CM Fadnavis emphasized the global significance of the WAVES Conference, which was launched under the initiative of Prime Minister Narendra Modi and hosted for the first time by Maharashtra.
“This is a historic opportunity for Maharashtra,” Fadnavis said, adding that the state has signed several key Memorandums of Understanding (MoUs) on the occasion. A major highlight was the launch of the WAVES Index by the National Stock Exchange (NSE), comprising 43 audio-visual sector companies. “This index is a crown jewel of the summit and marks a pivotal step in building a financial ecosystem for the creative industry,” he noted.
Fadnavis announced the establishment of an AI Technology Educity in Navi Mumbai under the City and Industrial Development Corporation (CIDCO), where 10 to 12 world-class foreign universities are expected to set up campuses. MoUs have already been signed with universities from Australia and New York, with an initial investment of Rs 1,500 crore.
“Under the new National Education Policy, international institutions are now allowed to operate in India. This Educity will be the first of its kind, offering global-standard education in India,” he said.
A separate MoU was signed with Prime Focus to develop a state-of-the-art Film City in Navi Mumbai, with an investment of Rs 3,000 crore. The project is expected to generate employment for at least 10,000 people and integrate cutting-edge AI and digital technologies.
Additionally, a Rs 2,000 crore investment has been secured to establish a new film industry hub in Panvel, bringing the total value of MoUs signed at the summit to Rs 8,000 crore.
“Film City is no longer just a location—it’s a full ecosystem. With advanced technology, this initiative will redefine how we produce content,” the Chief Minister said. He added that with its rich pool of creators and consumers, India is poised to become a global leader in the audiovisual economy, one of the fastest-growing employment sectors worldwide.
“With the WAVES Summit, Mumbai has firmly established itself as the capital of audio-visual media,” Fadnavis declared. (Source: IANS)
