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MIB, Maharashtra sign MoU to set up IICT in Mumbai for AVGC-XR sector - The Economic Times

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Establishment of the Indian Institute of Creative Technologies (IICT)

The Ministry of Information & Broadcasting (MIB), the Government of Maharashtra, and the Maharashtra Film, Stage & Cultural Development Corporation Ltd. (MFSCDCL) have partnered to establish the IICT in Mumbai. This institute will be a center of excellence for the Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) sectors.

Location and Funding

The IICT will be located at Dadasaheb Phalke Film City in Goregaon, Mumbai, and initially operate from a temporary campus at the National Film Development Corporation (NFDC) premises. The Government of India has provided an initial grant of Rs 391.15 crore for infrastructure and operations. The institute is structured as a not-for-profit Section 8 company with equity participation from the Government of India (48%), the Government of Maharashtra (14%), FICCI (26%), and CII (26%).

Objectives and Future

The IICT aims to nurture talent, foster innovation, and serve as a global hub for education, research, and skill development in the AVGC-XR domain. It is envisioned to be a self-sustaining institution in the future, similar to IITs and IIMs in their respective fields. MFSCDCL has leased a 10-acre land parcel for 30 years to support the institute's long-term growth.

The Ministry of Information & Broadcasting (MIB) has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra and the Maharashtra Film, Stage & Cultural Development Corporation Ltd. (MFSCDCL) to establish a world-class institute dedicated to the Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) sector.

The institute, to be named the Indian Institute of Creative Technologies (IICT), will be located in Mumbai.

The MoU was signed by Sujata Saunik, Chief Secretary of the Government of Maharashtra, and Sanjay Jaju, Secretary of the Ministry of Information & Broadcasting. The exchange took place in the presence of the Chief Minister of Maharashtra, Shri Devendra Fadnavis, and the Union Minister for Information & Broadcasting, Shri Ashwini Vaishnaw. Chief Minister Fadnavis stated that IICT Mumbai – the first institute of its kind – would focus on nurturing talent and fostering innovation within the creative industries.

The IICT, envisioned as a global centre of excellence in the creative economy, will be located at Dadasaheb Phalke Film City in Goregaon. It will serve as a hub for education, research, innovation, and skill development in the AVGC-XR domain.

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Conceived as a premium institution for the media and entertainment sector – akin to the IITs and IIMs in their respective domains – IICT will initially operate from a temporary campus at the National Film Development Corporation (NFDC) premises in Mumbai, which will commence operations shortly.

Union Minister Ashwini Vaishnaw remarked that IICT Mumbai, based in the heart of India's entertainment industry, would act as a catalyst for the sector's global outreach and expansion.

The institute has already been incorporated as a not-for-profit Section 8 company, with equity participation from the Government of India (48%), the Government of Maharashtra via MFSCDCL (14%), and industry bodies – the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII) – holding 26% each.

The Government of India has allocated an initial one-time budgetary grant of Rs 391.15 crore for infrastructure development and initial operations.

Thereafter, the IICT is expected to operate on a self-sustaining model. MFSCDCL has also leased a 10-acre land parcel at Dadasaheb Phalke Film City for a period of 30 years, marking a significant step towards building a robust digital media and creative technology ecosystem in the country.