The Indian creative economy is an emerging powerhouse in the global landscape, contributing significantly to the country’s exports. The term “creative economy” encompasses a wide range of activities including arts, crafts, design, audio and video arts. Statistics from 2019 reveal that these sectors amassed a remarkable $121 billion in goods and services exports, according to a research paper from the Exim Bank of India.
The Landscape of the Creative Economy in India
India’s total exports of creative goods and services came to approximately $121 billion in 2019. This figure was bolstered by creative services which accounted for nearly $100 billion. The design segment alone contributed 87.5% to the total creative goods exports. Furthermore, the arts and crafts sector added another 9%. Moreover, the creative goods industry boasted a healthy trade surplus of $16 billion.
Both the diversity and growth in segments like entertainment are providing a significant thrust to the Indian creative economy. For instance, India is ranked 6th globally outside of the U.S. for international box office revenue, highlighting the success and reach of its film industry.
Emerging Technologies and Their Impact on the Creative Industry
Technology is playing an ever-increasing role in this evolving sector. The intersection of creativity, knowledge, and intellectual property with cutting-edge technologies such as artificial intelligence, machine learning, extended reality, and blockchain is creating a transformative impact on the functioning of the creative economy.
Mapping the Untapped Export Potential
The research paper from the Exim Bank, titled ‘Reflection & Development of India’s Creative Economy’, sought to map out the untapped export potential of India’s creative industries. It examined seven distinct areas – art & crafts, audio visuals, design, and visual arts – according to UN classification, and analysed their potential for export growth.
This study also examined the Creative Economy policies of several countries including the U.K., Australia, France, South Korea, Indonesia, and Thailand, where the creative economy plays a crucial role, often supported by dedicated ministries or institutions.
Strategies for Promoting the Creative Economy in India
In order to build on the successes of the Indian creative economy, several key areas should be targeted for growth. Firstly, the creative industries in India need to be clearly defined and accurately mapped. Secondly, funding needs to be made more readily available for these industries in order to encourage creativity and innovation.
Other areas for focus include: joint programmes between different sectors of the creative industry; addressing copyright concerns; promoting Micro, Small and Medium Enterprises (MSMEs) and local artisans; establishing creative hubs and districts throughout the country; and forming a specialised institution dedicated to the development of creative industries.
The Potential of Creative Economy in India
While there has been substantial growth in India’s creative economy, there remains significant scope for further expansion. A prerequisite for this is establishing a unified definition for the term “creative economy” within the country. This, coupled with the creation of a specialised institution focussed on exploring the untapped potential of the creative sector, will play a crucial role in boosting India’s creative economy.