I&B Ministry
MIB rolls out WAVES Bazaar and WaveX to boost AVGC XR sector
Government also strengthens IICT with global partnerships for skills and innovation
MUMBAI: India’s creative economy is getting a new stage and this time, it’s built for pixels, pitches and partnerships. The Ministry of Information and Broadcasting (MIB) has launched two digital platforms, WAVES Bazaar and WaveX, as part of a broader push to strengthen India’s Animation, Visual Effects, Gaming, Comics and Extended Reality (AVGC-XR) ecosystem.
The initiatives were announced by Minister of State for Information and Broadcasting and Parliamentary Affairs Dr L. Murugan in a written reply to an Unstarred Question in the Lok Sabha on Tuesday.
Designed as a year-round global marketplace for the media and entertainment industry, WAVES Bazaar aims to connect creators, studios, investors and businesses through structured business discovery, business-to-business meetings and international collaborations.
The platform spans multiple segments, including films, animation, visual effects (VFX), gaming, extended reality (XR), immersive media, music and digital content, while also facilitating market access and investment opportunities.
Complementing the marketplace is WaveX, a dedicated startup platform focused on fostering innovation in the media and entertainment sector. Rather than providing direct financial assistance, WaveX will help startups access investors, incubation programmes and a network of industry partners through pitching sessions and ecosystem-building initiatives.
The government has also established the Indian Institute of Creative Technologies (IICT) as the National Centre of Excellence for AVGC-XR, in collaboration with the Government of Maharashtra and industry bodies.
IICT has already forged partnerships with leading international technology companies and academic institutions to strengthen India’s creative technology ecosystem. These collaborations cover curriculum development, specialised skill programmes, access to advanced technologies, research and development, internships, startup incubation, scholarships, industry mentorship and international skill exchange.
The latest measures build on the government’s efforts to position India as a global hub for digital content creation and creative technologies, sectors that are increasingly attracting investment amid growing demand for animation, gaming and immersive experiences.
With dedicated platforms for business networking, startup incubation and global collaboration now in place, the government is seeking to create an ecosystem where creators, technology companies and investors can work together to accelerate the growth of India’s AVGC-XR industry.
