International IT companies and the Indian government collaborate to establish IICT, a leading center for AVGC-XR education and innovation, in Mumbai.

On May 1, Information and Broadcasting Minister Ashwini Vaishnaw announced that seven major corporations, including multinational tech giants Google, Adobe, and Nvidia, are working with the government to transform the new IICT into a top-tier institution and assist in preparing young creators for the future.

The creative industry is undergoing a significant transition. According to industry estimates, 40 million creators reside in India. Thirty-five lakh people from 60 different nations took part in the WAVES challenges. According to the union minister, this type of talent will be the focus of the new institution.

The government of Maharashtra is giving land, while the Center has set out a budget of Rs 400 crore for the institute, which is modeled after the IIMs and IITs for the entertainment and media industry. It will be a global center of excellence for teaching, research, innovation, and skill development in the fields of animation, visual effects, gaming, comics, and extended reality (AVGC-XR).

The government owns 48 percent of the IICT, which was founded as a non-profit Section 8 corporation. The Center owns 34 percent, while the Maharashtra government owns 14 percent through the MFSCDCL. Industry organizations own the remaining 52%, with the CII and the FICCI each owning 26%. The cabinet approved the NCoE for the AVGC-XR sector in September. The government signed a MoU with the government of Maharashtra and MFSCDCL in April.