‘Creative economy accounted for $121 billion of exports in 2019’

Source: The post is based on the article “Creative economy accounted for $121 billion of exports in 2019” published in PIB on 3rd September 2022

What is the News?

Exim Bank has released its first of its kind study titled ‘Reflection & Development of India’s Creative Economy’.

The study analyzed seven different creative segments such as art & crafts, audio visuals, design and visual arts to map their export potential.

What is the Creative Economy?

The creative economy has no single definition. It is an evolving concept which builds on the interplay between human creativity and ideas and intellectual property, knowledge and technology. 

Essentially it is the knowledge-based economic activities upon which the ‘creative industries’ are based.

The creative industries – which include advertising, architecture, arts and crafts, design, fashion, film, video, photography, music among others are the lifeblood of the creative economy.

What does the Exim Bank study say about the Creative Economy in India?

India’s total exports of creative goods and services stood close to $121 billion in 2019, of which exports of creative services accounted for almost $100 billion.

In India, the contribution of the design segment was 87.5% of the total creative goods exports in 2019, and another 9% was contributed by the art and crafts segment.

Creative economy was significantly diversified in the country and industries such as the entertainment sector give an important push to the creative economy.

For instance, India ranks 6th globally outside the U.S., with respect to the top international box office markets by revenue.

What are the recommendations given by the study to promote a creative economy in India?

Creative economy in India must be promoted by: 1) Defining and mapping the creative industries in India, 2) Funding to finance creative industries, 3) Focusing on joint programmes, 4) Addressing the issue of copyrights, 5) Promoting Micro, Small and Medium Enterprises (MSMEs) and local artisans, 6) Establishing creative districts and hubs and 7) Forming a specialized institution for creative industries.