Seven global firms, including Google and Microsoft, are collaborating with the Indian Institute of Creative Technology (IICT) to promote talent in the emerging creators' economy in the country, Union Minister Ashwini Vaishnaw said on Thursday.

Speaking at the first World Audio Visual and Entertainment Summit (WAVES) here, Vaishnaw said the institute is set to become a national hub for the Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) sector.

"Already seven firms - Nvidia, Google, Apple, Microsoft, Meta, Star India and Adobe are collaborating with the IICT. The IICT will work closely with the industry to make our young creators future ready," Vaishnaw said.

The IICT is being established by the Ministry of Information and Broadcasting, in strategic collaboration with FICCI and CII, as a National Centre of Excellence on the lines of prestigious IIT and IIM.

Vaishnaw said industry estimates show that India is home to 40 million creators.