The Ministry of Information and Broadcasting (MIB), in association with the Indian Institute of Creative Technologies (IICT), has inaugurated WaveX intiative a sole Media-Tech Startup Incubator to engage high-potential startups in the rapidly expanding media and entertainment economy. This project particularly targets India’s AVGC-XR domain like covering Animation, Visual Effects, Gaming, Comics and Extended Reality. This sector holds enormous economic and cultural value for India, thus helping WaveX an opportune-time strategic intervention. The world Extended Reality (XR) market comprising AR, VR and mixed reality is expected to grow from $21.41 billion in 2023 to $41.78 billion by 2028 at approximately 14.4% CAGR.
India’s Animation, VFX, Gaming, Comics and Extended Reality (AVGC-XR) industry was worth approximately $3 billion in 2023 and is projected to reach $26 billion by 2030. Another estimate predicts that India might increase its contribution to the global AVGC-XR market from a mere 0.5 per cent to 1.5 per cent by the end of the decade. India boasted more than 4,000 AVGC-XR studios as of 2023, of which 100 deliver high-quality global content.
WaveX has been designed to develop startups through systematic mentorship, infrastructure and testing facilities. The initiative is more than a mere incubator that develops a complete ecosystem that brings together government, academia and industry to enable creative entrepreneurs to scale up their ideas and compete on the world stage. Through this intiaitve India is looking not only to join the global creative economy but also to lead it.
What is AVGC-XR and Its Importance
The AVGC-XR industry is the confluence of several art and tech-oriented fields of animation, visual effects, gaming, comics and extended reality (augmented, virtual and mixed reality). All these sectors around the globe are growing at a rapid pace, fuelled by the growth in demand for immersive entertainment, interactive storytelling and digital content. But for India the significance of this industry lies deeper.
From a cultural standpoint India rich heritage and diverse stories are a good platform for telling stories. Through gaming and XR experiences and animation, India can present its stories to the world as Hollywood has influenced world cinema. Economically this industry is set to create millions of jobs and draw in billions of investments, thus fortifying the creative economy.
The opportunity applies to youth employment as well. With the huge and technologically qualified youth population, India possesses the talent that can fuel growth in this sector. Other sectors like education, healthcare and retail are rising to embrace XR technologies. This provides new opportunities for India to become a global leader in immersive technologies. With organized support, the nation can transition from outsourcing destination for animation and VFX to one that takes a leadership role in the creation of original intellectual property as well as innovation of content. WaveX comes in as something beyond an incubator. It is a tactical step to make sure India takes the leadership role in the AVGC-XR revolution rather than playing catch-up according to international trends.
The Two-Phase Incubation Model
WaveX is based on a two-stage model. The Active Stage is an immersive one, in which chosen startups are provided in-depth mentorship and guidance. This involves mentoring in business modelling, product development, branding, pitching and fundraising. Startups are also assisted in dealing with complicated media regulations. They get access to sandbox testing facilities in a broad spectrum of media and entertainment platforms such as OTT, VFX, VR, gaming, animation, publishing and post-production.
After this phase, the startups enter the Passive Phase. Startups in this phase receive global showcases through the Waves Bazaar platform, more investor interaction and closer connections with industry associations. This two-step approach sees that startups not only come up with ideas, but also acquire the skill sets to scale and present them to the world.
Infrastructure and Facilities for WaveX
The infrastructural services WaveX is different from regular incubators programmes. Startups enjoy access to cutting-edge facilities such as co-working areas, AV/digital laboratories, hosting servers and broadband connectivity. They are also equipped with cloud credits from industry leaders such as AWS and Google. Provision for access to India AI compute services in the near term has also been planned to further enhance the technical support for innovators.
Apart from physical and cyber infrastructure, WaveX also gives access to knowledge and networks. Masterclasses will be conducted by leaders from international corporations like Google, Microsoft and Amazon on regular interval. Entrepreneurs will also have the opportunities to engage in bootcamps, policy clinics and investor connect sessions. This combination of facilities and mentorship transcends the tricky gap between innovation and commercialization.
WaveX is operated under the guidance of the Ministry of Information and Broadcasting with quarterly monitoring for transparency and accountability. For its first starting, 15 startups will be identified and incubated at the campus of IICT in Mumbai. The program will be both affordable and intense with a monthly subscription of ₹8,500 inclusive of GST. Applications for the inaugural cohort remain open until 7th September 2025 and interested startups can apply via the official portal wavex.wavesbazaar.com.
WaveX and the Greater WAVES Initiative
WaveX is a central part of the WAVES initiative undertaken by the Ministry of Information and Broadcasting to foster innovation in media, entertainment and language technologies. During the early part of 2025, the WAVES Summit at Mumbai saw more than 30 startups pitch their ideas to investors, government departments and technology leaders. It represented the energy and promise of the industry and WaveX takes it forward by providing consistent support to the next generation of innovators. Hackathons, mentorship initiatives and linkage with national platforms will be essential aspects of this journey so that India builds both intellect and intellectual property in the creative economy.
Role of IICT in Journey of WaveX
Indian Institute of Creative Technologies (IICT), set up in July 2025 by Union Minister Shri Ashwini Vaishnaw, is an institution of national importance committed to push the AVGC-XR industry forward in India. IICT is designed as a joint venture company, a robust public, private partnership model. The Government of India, the Government of Maharashtra and top industry associations like FICCI and CII are its founding partners.
IICT has a specific mission is to create a world-class talent pool, enhance India’s creative economy and make the country a global leader in immersive and digital content technologies. The institute has already forged robust partnerships with industry leaders such as Google, Adobe and Meta. It also provides specialized courses in gaming, post-production, animation, comics and XR to create a constant stream of talented professionals for the sector.
Future of AVGC-XR Industry and WAVE
India’s entery into the AVGC-XR sector is not merely about producing entertainment content. It is a strategic intent that goes beyond entertainment. Storytelling is a tool of diplomacy and using new technologies, India can present its cultural identity to the world. The sector simultaneously enables youth across urban and semi-urban pockets by equipping them with imaginative and technical capabilities that are on par with the world.
Apart from jobs and culture, immersive technologies can revolutionize other industries. In medical field it can offer improved training and simulation for surgeons. In education field XR can transform the learning experience in classrooms. In manufacturing and governance, these technologies can usher in efficiency and innovation. India will be hub of global creative economy and it can position itself not only as a consumer leader but as a creator.
WaveX supported by IICT and the Ministry of Information and Broadcasting is a big step in this direction. By giving organized mentorship, infrastructure and international exposure to the startups, these program makes sure that Indian ventures are not confined to drawing boards but enter world markets with confidence. WaveX is a revolutionary moment for India’s creative industries and media technology space. By prioritizing AVGC-XR innovation with the aspirations of India’s young, digitally educated population will happen. When the globe continues to require immersive experiences and creative content, India is poised not only as a consumer but as a creator.
WaveX is the gateway of India future, where startups will craft stories, create technologies and define the world creative economy. In the coming years, this effort can encapsulate India’s position in the world media-tech order, with the nation’s creative ambitions realized to the fullest and recognized globally.
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