Orange Economy

News: At the WAVES Summit in Mumbai, Prime Minister Narendra Modi spotlighted India’s booming orange economy and urged India’s youth to ride this creative wave. Orange Economy.

About Orange Economy

• It is also known as the creative economy.
• It is a production model where goods and services have intellectual value because they are the product of the ideas and expertise of their creators.
• The United Nations Conference on Trade and Development (UNCTAD) defines it as 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 first mandate on creative economies came from the UNCTAD XI’s outcome document – the Sao Paulo consensus – in 2004.
• Creative Industries under Orange Economy: The creative industries – which include advertising, architecture, arts and crafts, design, fashion, film, video, photography, music, performing arts, publishing, research & development, software, computer games, electronic publishing, and TV/radio – are the lifeblood of the creative economy.
• Creative industries deal with the interplay of various subsectors ranging from traditional crafts, books, and visual and performing arts, to more technology-intensive and services-oriented fields such as the music and film industries, television and radio broadcasting, new media and design.
• People conceptualize and arrange this work, the produce and/or publish it and get paid for it.
• This is no different from other production processes, except that the major input stems from original or copyrightable intellectual property (IP).
• According to United Nations Educational, Scientific and Cultural Organization (UNESCO), the Orange Economy accounts for 3% of global gross domestic product (GDP) and 30 million jobs worldwide.