MAM
Waves 2025 Brings Big Deals and Bold Dreams to India’s Media Sector
MUMBAI: If the Indian media sector were a movie, Waves 2025 would be the montage sequence fast cuts of big money, bold ideas and breakout talent all coming together for a dramatic makeover. Held in Mumbai, the Waves Summit 2025 saw the Government of Maharashtra sign MoUs worth nearly Rs 8,000 crore, giving the media and entertainment sector a starring role in the state’s growth narrative. Among the headliners:
. Rs 3,000 crore from Prime Focus to build a 200-acre Film City
. Rs 2,000 crore from Godrej for a film, TV and media campus in Panvel
. Rs 1,500 crore each from the University of York and the University of Western Australia to set up their first Indian campuses in Mumbai
And just like that, education and entertainment are sharing billing on the marquee.
Waves 2025 also introduced the Nifty Waves Index, listing 43 media and entertainment companies finally giving the sector its own Sensex-style snapshot. Meanwhile, the Indian Institute of Creative Technology (IICT) inked partnerships with industry giants including Google, Apple, Microsoft, Meta, Adobe, Nvidia, and Toon Boom, rolling out opportunities for scholarships, internships, rendering parks, game design courses and creative entrepreneurship.
Waves Bazaar cemented its role as the sector’s B2B-B2G power corridor. Launched in January 2025, the digital-first marketplace has already hosted 2,450 projects, with 6,442 buyers and 6,106 sellers participating across film, animation, XR, gaming and advertising verticals. It’s India’s global swipe-right moment for creative deals.
Elsewhere, WaveX turned into a high-stakes pitch fest where creative dreams met venture capital muscle. From 1,504 applicants, 30 high-potential M&E startups in gaming, storytelling, immersive tech and the creator economy pitched live to 29 marquee investors including Lumikai, Jio, and Warmup Ventures. With 127 startups securing connections or partnerships, and applications vetted by IAMAI and KPMG, this wasn’t just razzle, it was rigor with returns.
Enter the Create in India Challenge, a flagship talent hunt that hosted 34 creative contests across animation, AR/VR, gaming, music and films. Finalists competed in the buzzing Creatosphere, a zone dedicated to next-gen creators. Eight expert masterclasses helped sharpen their edge, while the finals turned the stage into a launchpad.
Not to be left out, Waves Culturals gave attendees a feel of India’s artistic pulse through performances blending traditional and global forms. The event’s heart, however, was the Bharat Pavilion, inaugurated by prime minister Narendra Modi on 1 May 2025. Designed as an immersive tribute to India’s storytelling roots, it showcased four thematic zones Shruti (oral traditions), Kriti (written heritage), Drishti (visual storytelling), and Creator’s Leap (future tech).
Over in the FM lane, the 8th National Community Radio Conference saw 12 CR stations receive national awards for innovation and inclusivity. With 531 CR stations and over 400 representatives attending, it was a mic-drop moment for grassroots broadcasters.
Add to that the launch of the first Indian Film Festival in New Zealand and fresh Indo-UK film collaborations and you’ve got an M&E summit that doesn’t just talk global, it screens it.
From classroom tie-ups to cultural showcases, and from startup pitches to mega MoUs, Waves 2025 didn’t just imagine India as a global creative powerhouse it laid down the blueprint, cast the crew and started shooting.
And with Maharashtra calling action on infrastructure, investment and innovation India’s media industry is no longer just watching the story unfold. It’s writing the script.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
