The I&B Ministry has given itself a target of three years for the creation of such a university, sources said.
"The new entity once established can standardise the education system in sectors like journalism, media, films, animation and visual effects. Right now the education in these areas is often provided by private institutions and not standardised ," they said.
The institution would be created in line with Prime Minister Narendra Modi's vision for this sector, the sources said.
Another initiative that the Ministry is focussing on will be to set up a long-awaited mechanism to provide a single window clearance mechanism for film shootings in India. The Ministry is also hoping that another mechanism to provide online certification of films will be in place in some years, officials said.