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In a major push to India鈥檚 creative economy, the Union Ministry of Information & Broadcasting today signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, Maharashtra Film, Stage & Cultural Development Corporation Ltd. (MFSCDCL), and the Indian Institute of Creative Technologies (IICT) for the establishment of a world-class institute dedicated to the Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) sector. The MoU was exchanged in Mumbai between Chief Secretary of Maharashtra Ms. Sujata Saunik and Information & Broadcasting Secretary Shri Sanjay Jaju, in the presence of Maharashtra Chief Minister Shri Devendra Fadnavis and Union Minister Shri Ashwini Vaishnaw. A First-of-its-Kind Institute for India The Indian Institute of Creative Technologies (IICT), to be located at the iconic Dadasaheb Phalke Film City in Goregaon, is envisioned as a premier centre for education, research, innovation, and skill development in the AVGC-XR domain. This is India鈥檚 first national-level institution dedicated to the creative sector. Speaking at the event, CM Devendra Fadnavis said, 鈥淚ICT will be a transformative institution, nurturing homegrown talent and creating a global talent pipeline for India鈥檚 booming creative economy.鈥� Union Minister Vaishnaw highlighted that the establishment of IICT in Mumbai 鈥� the capital of India鈥檚 entertainment sector 鈥� will act as a catalyst for industry growth and international collaborations. Ownership Model and Funding The IICT has been set up as a not-for-profit Section 8 company with an innovative public-private ownership structure. The Government of India holds 34% stake, the Government of Maharashtra (via MFSCDCL) holds 14%, while industry bodies 鈥� FICCI and CII 鈥� together hold the remaining 52% (26% each). A one-time budgetary grant of Rs 3.91 billion has been sanctioned by the Union Government to kickstart infrastructure development and initial operations. The institute will operate in a self-sustaining mode thereafter. Global-Standard Infrastructure and Curriculum The IICT will be established on a 10-acre land parcel leased by MFSCDCL for 30 years. A temporary campus at the NFDC premises will become operational soon, enabling the first batch to begin. The MoU outlines a strategic framework, including: Setting up a dedicated AVGC-XR Centre focused on education, skilling, and R&D A Governing Council and Board of Directors with government and industry representation Creation of specialized councils on Academia, Industry, and Innovation Public-private collaborations and global partnerships Officials stated that IICT aims to become the IIT/IIM equivalent for the media and entertainment sector, providing globally relevant skills, producing high-value employment, and fueling India鈥檚 aspirations to become a top creative-tech destination.