PNN
New Delhi [India], October 30: India has made long-standing contributions to human innovation, spanning centuries with groundbreaking developments in mathematics, medicine, and metallurgy. Despite this rich history, India's technological leadership had diminished as global trends shifted towards the West.
However, initiatives like the World Audio Visual And Entertainment Summit (WAVES) and the Create in India Challenge (CIC) are the next big leap, as the Honourable PM has consistently advocated for indigenous technological growth, as seen with the launch of initiatives like "Make in India" in 2014, and "Digital India" in 2015. These programs transformed the country's digital landscape, setting the stage for subsequent initiatives such as "Startup India" and "Atmanirbhar Bharat," which have further fuelled the expansion of India's tech ecosystem. Today, India leads in various technological fields, including augmented reality (AR), virtual reality (VR), artificial intelligence (AI), and the audio-visual industry.
WAVES is not just an event, but a movement that fosters innovation and strengthens India's tech ecosystem. Wavelaps, a key partner in this initiative, is honoured to lead the charge in shaping the future of AR/VR in India through its thought leadership role in the XR Creator Hackathon. Both as mentor and strategic partner, Wavelaps is helping to nurture the next generation of talent and innovation. WAVES has elevated the visibility of immersive technology while empowering Wavelaps to grow and build connections that will strengthen both the company and India's technological future.
Ashutosh Kumar, CEO and Founder of Wavelaps and a passionate advocate for immersive technologies like Augmented Reality (AR) and Virtual Reality (VR), expressed his deepest gratitude to Prime Minister Modi for his visionary leadership and to the Ministry of Information and Broadcasting for the WAVES initiative.
India's audio-visual industry has flourished under Prime Minister Modi's leadership, currently valued at $23 billion. The AR/VR sector is particularly promising, with a current valuation of $1.83 billion and an expected compound annual growth rate (CAGR) of 38.1% over the following five years. Experts predict that immersive technologies will create over 10 million jobs in India by 2030, and the XR Creator Hackathon will be crucial in catalyzing this growth by enabling young talent to create commercially viable solutions in fields like healthcare, education, media & entertainment, and e-commerce.
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