NSE Launches WAVES Index to Track India’s Creative Economy, Says Mahashtra CM Fadnavis

The National Stock Exchange (NSE) has launched the WAVES Index, a first-of-its-kind benchmark to track India’s creative industry, Maharashtra Chief Minister Devendra Fadnavis said at the World Audio Visual Entertainment Summit (WAVES) 2025. The index includes 43 companies and aims to reflect the growth and potential of India’s media, content, and entertainment sectors.

Speaking at the sidelines of the summit hosted in Mumbai, CM Fadnavis said, “This quality of content and this scale of platform is a first for India. The WAVES Index not only showcases our creative capabilities but also signals economic development and job creation in the sector.” The summit, inaugurated by the Prime Minister, aims to position India as a global content hub.

Fadnavis also highlighted a series of Memorandums of Understanding (MoUs) signed during the summit, totaling nearly Rs 8,000 crore. These include significant partnerships with international universities and major industry players.

To expand access to world-class education, the Maharashtra government has signed MoUs with the University of Western Australia and the University of York (UK) to establish campuses in Navi Mumbai. These institutions will be part of an ambitious Edu City project being developed in collaboration with CIDCO (City and Industrial Development Corporation of Maharashtra Ltd).

On the infrastructure front, the state has inked a deal with Prime Focus to develop a Rs 2,500 crore studio city in Mumbai, equipped with world-class post-production and VFX facilities. A similar studio will also be constructed by Godrej in Panvel, further strengthening Maharashtra’s ambition to become a global media production hub.

“These studios and universities will begin work this year. Together, they will help build a powerful creative ecosystem in the state,” Fadnavis said. “Right now, our students and young minds are going abroad, strengthening other economies with our money. That needs to change. With this new infrastructure, we’re creating opportunities right here in Maharashtra.” He revealed that while two MoUs have been formalized, three more are in the pipeline, and discussions are ongoing with five additional universities.

The WAVES Summit, hosted by the Ministry of Information and Broadcasting, runs from May 1 to 4 and has drawn stakeholders from across the world to discuss the future of content creation, trade promotion, and emerging trends in the entertainment economy.