India’s First Creative Tech Institute For AVGC-XR In Mumbai

Mumbai, April 12 (KNN) The Union Ministry of Information & Broadcasting has formalised a collaborative agreement with the Government of Maharashtra, Maharashtra Film, Stage & Cultural Development Corporation Ltd. (MFSCDCL), and the Indian Institute of Creative Technologies (IICT) to establish a world-class educational institution focused on the Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) sector in Mumbai.

The Memorandum of Understanding (MoU) was officially signed by Sujata Saunik, Chief Secretary, Government of Maharashtra, and Sanjay Jaju, Secretary of Information and Broadcasting. 

During the event, Chief Minister Fadnavis emphasised that the Indian Institute of Creative Technology in Mumbai represents a pioneering educational institution dedicated to cultivating talent and innovation within creative industries. 

The institute will be strategically situated at the Dadasaheb Phalke Film City in Goregaon, serving as a comprehensive hub for education, research, innovation, and skill development in the AVGC-XR domain.

Union Minister Vaishnaw noted that establishing the first IICT in Mumbai—recognised as the epicenter of India's creative economy and entertainment industry—will function as a catalyst for expanding the city's entertainment sector globally. 

The institute has been incorporated as a not-for-profit Section 8 company with a distinctive ownership structure, comprising 48 percent government equity (34 percent from the Central Government and 14 percent from the State Government through MFSCDCL) and 52 percent held by prominent industry associations, with equal 26 percent stakes allocated to the Federation of Indian Chambers of Commerce and Industry and the Confederation of Indian Industry.

The Government of India has allocated an initial one-time budgetary grant of Rs 391.15 crore to support infrastructure development and commence operations, after which the institute will transition to a self-sustaining operational model. 

MFSCDCL has provided a substantial 10-acre land parcel at Dadasaheb Phalke Film City on a 30-year lease, representing a significant contribution toward building a robust digital media and creative technology ecosystem.

The agreement outlines several key provisions, including the establishment of an AVGC-XR center with strategic focus areas encompassing education, skill development, industry advancement, and research initiatives. 

The institute will be governed by a Governing Council and Board of Directors featuring representatives from both government and industry sectors. 

Specialised councils dedicated to academia, skills development, industry advancement, and research will be formed to ensure the institute maintains sectoral alignment and global competitiveness. 

The agreement also emphasises commitments to fostering public-private collaboration and attracting international partnerships.

The IICT is positioned to become a premier educational institution for the media and entertainment sector, comparable to the prestige and quality of IITs and IIMs in their respective domains of technology and management. 

This memorandum represents a significant advancement in the government's comprehensive strategy to strengthen the digital economy, empower creative professionals, and generate high-value employment opportunities in emerging sectors.

(KNN Bureau)