[IPTBM] Union Ministry Signs MoU with MFSCDCL for IIITC in Mumbai: A Catalyst for Digital Economy and Creativity
April 11, 2025
The Government of Maharashtra, along with the Indian Institute of Creative Technologies (IICT), has entered into a significant Memorandum of Understanding (MoU) with the Union Ministry of Information & Broadcasting. The MoU marks a major milestone in the government’s efforts to boost the digital economy, empower creative professionals, and generate high-value employment in emerging sectors.
Key Highlights:
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IICT as a World-Class Institution:
IICT is set up in Mumbai, a city renowned for its creativity and entertainment industry. The institute will serve as a world-class premium institution, focusing on the animation, visual effects, gaming, comics, and extended reality (AVGC-XR) sectors. -
Strategic Location and Growth Potential:
IICT will be located at the Dadasaheb Phalke Film City in Goregaon, Mumbai. The institute is leased by the Government of Maharashtra’s MFSCDCL for a 30-year lease, symbolizing a strategic step forward in building a digital media and creative technology ecosystem. -
Government Support and Initial Funding:
The government has already provided an initial one-time budgetary grant of ₹391.15 crore for infrastructure development. Subsequent funding will be administered by IICT, ensuring its long-term sustainability. -
Job Creation and Employment Growth:
By fostering content creation skills, IICT aims to strengthen India’s standing as a leading global center in the creative economy. The initiative is expected to boost digital job creation across sectors like entertainment, advertising, and gaming. -
Significance for the Digital Economy:
This MoU signifies a significant milestone by the government’s efforts to expand its digital economy, empower creative professionals, and generate high-value employment opportunities. It aligns with India’s goal of becoming one of the top global players in AI and VR development.
Conclusion:
The establishment of IICT in Mumbai is not just another institution; it’s a bold step towards a future where creativity thrives in digital spaces. With MFSCDCL providing strategic support and the government’s ongoing funding, IICT has the potential to revolutionize India’s creative industries and set new standards for global innovation.