India?s creative economy

India’s creative economy

News: The creative economy is one of the youngest and fastest-growing sectors, with unique challenges that often go unnoticed by public and private investors.

What is Creative economy?
• Creative economy in India is the sector of the economy that involves the creation, production, distribution, and consumption of goods and services that are based on creativity, skill, talent, and intellectual property.
• It includes various sub-sectors such as arts and crafts, audio and video arts, design and fashion, literature and publishing, museums and heritage, performing arts, visual arts etc.

What is its scope in India?
• Creative economy in India is a significant contributor to the national income, employment, exports, and cultural diversity.
• According to a paper by the Exim Bank of India, India’s creative economy accounted for exports of goods and services worth $121 billion in 2019, which was about 5.5% of India’s total exports.
• The paper also estimated that India’s creative economy employed about 16.7 million people in 2018-19, which was about 5.2% of India’s total employment.

Advantages for Indian economy:
• Can help encourage India’s soft power by creating an ecosystem of innovative technology-based start-ups.
• It also offers opportunities for social inclusion, gender equality, environmental sustainability, and cultural diversity.
• Better pay than non-creative employment avenues.

Challenges:
• Creative economy in India also faces several challenges such as lack of clear definition and mapping of the sector, inadequate funding and financing mechanisms, low awareness and recognition of the value of creative industries,
• Weak intellectual property rights protection and enforcement, limited access to markets and technology, skill gaps and capacity building needs.

Way Forward
• Defining and mapping the creative industries in India to measure their contribution to the economy and society.
• Addressing the issue of intellectual property rights protection and enforcement to safeguard the interests of creators and innovators and incentivize their creativity.
• Promoting Micro, Small and Medium Enterprises (MSMEs) and local artisans who are engaged in creative activities and enhancing their access to markets, technology, skills development, quality standards, etc.
• Establishing creative districts and hubs that provide physical spaces and infrastructure for creative activities and interactions among creative practitioners and consumers.