Mumbai (Maharashtra) [India], May 1 (ANI): Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, stated on Thursday that India is at the forefront of the technological transformation in the media and entertainment sector, emphasising that the nation's gowing economy positions it to become a leading global market in this industry.

Speaking at the World Audio Visual and Entertainment Summit (WAVES) 2025, which was inaugurated today at the Jio World Convention Centre in Mumbai, Mukesh Ambani said, India is now among the most populous nations; soon our economy will become the third largest globally. This will lead India to the leading media and entertainment market.

'1.4 billion creators and consumers at the average age of 29. This is not just a statistic; it's a profile of a demographic, economic and creative superpower. India's third advantage is technology. India is not following the technological revolution in media and entertainment; India is actually leading it. Indian VFX is now powering Hollywood blockbusters. We produce several million hours of content every year. Films, TV series, music, sports, short-form and long-form light and immersive content. We are multilingual, multi-format and multi-platform by design,' he added.

He stressed that the 1.2 billion mobile phones in India potentially have 1.2 billion screens on which users can access entertainment and even share user-generated content, highlighting Jio's role in making high-speed internet affordable.

'The 1.2 billion mobile phones in India are potentially 1.2 billion screens on which users can access entertainment and even share user-generated content. With all humility, I can say that Jio has made a leading contribution to India's digital and entertainment revolution by making high-speed internet affordable and available to all,' he added.

'With JioCinema, we have broken viewership records, revolutionised IP streaming and made immersive, multi-language, interactive sports viewing a global standard, and this is just the beginning. Jio's partnership with Disney marks the dawn of a new era in digital storytelling. We have created Jio Hotstar with the ambition of equalling and even surpassing the impact of leading creators of entertainment globally. It will provide a platform for the best and the brightest talent from India and abroad,' Mukesh Ambani said.

'Jio Hotstar is committed to making India a proud leader in the global entertainment industry. Over the next 4 days, participants in this summit will discuss their ideas and valuable perspectives,' he added.

Reliance Industries Limited Chairman and Managing Director Mukesh Ambani further presented his four action points for the participants of WAVES.

Stressing that India's media and entertainment industry can grow to over 100 billion dollars in the next decade, he said, 'My first action point is you must not miss this humongous opportunity that is beckoning all of us, and I would like to repeat what I said in the morning because it merits restating. India's media and entertainment industry today stands today at 28 billion dollars. We can easily grow five times to over 100 billion dollars in the next decade. This will give birth to huge new opportunities in employment and entrepreneurship in diverse fields.'

He stressed that India should invest in state-of-the-art content clusters and train talented young people in animation and VFX.

'To achieve this, India should invest in state-of-the-art content clusters across India. India should train tens of thousands of talented young people in animation, VFX and other technologies. India should incentivise IP creation and AI-powered innovation,' Mukesh Ambani said.

'India should have new investment avenues for this industry, and India should create an enabling, encouraging and empowering regulatory environment that rewards imagination and inclusion,' he added.

He further recounted the Indian film industry's achievements in the past.

'We should nurture even our regional creators to go global. Decades ago, when technology was not highly advanced, Raj Kapoor and other doyens of Indian cinema made films that were immensely popular in Russia, China, Central America and elsewhere. Satyajit Ray mesmerised global audiences with his black-and-white movies. In recent years, Amir Khan's Dangal, a story set in rural Haryana, became a blockbuster in China,' he said.

WAVES 2025 will attract participants from over 90 countries, including more than 10,000 delegates, 1,000 creators, 300+ companies, and 350+ startups. The summit will feature 42 plenary sessions, 39 breakout sessions, and 32 masterclasses spanning diverse sectors, including broadcasting, infotainment, AVGC-XR, films, and digital media.

At WAVES 2025, India is hosting the Global Media Dialogue (GMD) for the first time, with ministerial participation from 25 countries, marking a milestone in the country's engagement with the global media and entertainment landscape. The Summit will also feature the WAVES Bazaar, a global e-marketplace with over 6,100 buyers, 5,200 sellers, and 2,100 projects. It aims to connect buyers and sellers locally and globally, ensuring wide-reaching networking and business opportunities. (ANI)