WAVES Summit: India has a leadership opportunity in AI and entertainment, says CM Fadnavis

Mumbai, May 2 (IANS) Maharashtra Chief Minister Devendra Fadnavis on Friday said that India will now get the opportunity to lead the world in AI and the entertainment sector. AI is being widely used in the entertainment sector globally, and in the coming times, an AI technology education city will be set up in Navi Mumbai.

The Chief Minister said this while speaking during an interactive session with the media at the Maharashtra pavilion.

CM Fadnavis said that there was a global need for a platform like the WAVES Conference.

He said that recognising this need, Prime Minister Narendra Modi organised the first WAVES Conference and gave its hosting to Maharashtra.

"This is a big opportunity for the state. On the occasion of the WAVES Conference, the Maharashtra government has signed some very important Memorandum of Understanding (MoUs). The most important of these is the launch of the WAVES Index by NSE. The index of 43 companies, which are in the audio-visual sector, has been launched. Therefore, this is a very important step to invest in this sector and create an overall financial ecosystem. This WAVES Index is a crown jewel in the success of WAVES,” CM Fadnavis said.

Stating that an MoU was signed with two world-class universities, Australia and New York, CM Fadnavis said that under the new education policy, foreign universities have been allowed to open their centers in the country and an Educity will be set up in Navi Mumbai on the initiative of CIDCO (City and Industrial Development Corporation). About 10 to 12 world-class universities will start their campuses in this Educity.

"An MoU was signed with two of these universities. Initially, an investment of Rs 1.5 thousand crore will be made. But this investment will increase in the future. Discussions are underway with three more important universities. The first campus in the country where world-class universities come together is being set up in Navi Mumbai,” he said.

A Memorandum of Understanding has been signed with Prime Focus.

On the basis of that MoU, Prime Focus will build a Film City at this location with an investment of about Rs 3,000 crore and at least 10 thousand people will get employment. AI power and the best technology in the world will also be there, he said.

An MoU has also been signed with a leading conglomerate for an investment of Rs 2,000 crore to set up a film industry in Panvel. CM Fadnavis also said that a total of Rs 8,000 crore worth of memorandum of understanding has been signed.

Stating that Film City is not a location but now a technology, CM Fadnavis it will house a complete film industry with all the technology.

“There will be an ecosystem for everything in the film production sector. Till now, our people used to try to get admission in the University of Western Australia there, but those who cannot go there will get the same education here. If there is any economy that is developing rapidly today , it is the audiovisual economy. It has the most employment opportunities and India has the opportunity to lead in this sector as we have the most content creators and content users,” he added.

Mumbai has become the capital of audio-visual media because of the WAVES summit, he remarked.

--IANS

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