Recognised around the world as a veritable engine of employment generation as well as
sustainable, resilient and inclusive economic growth, Creative Economy (CE) thrives
on knowledge-based economic activities of trade, labor and production supply chains,
relying on creative talent as the primary source of value. The Creative sector touches
upon a broad spectrum of public policy domains from culture to trade, tourism, digital,
education and training, among others thereby calling for more comprehensive policy
frameworks, including through stronger investment in inter-ministerial cooperation
with a view to harnessing the full and multidimensional impact of the CE.
The Creative Economy contributes to 3.1% of the global GDP and is the largest employer of people
in the age group of 15-29. Estimates put the size of the global creative economy at
$985 billion with the potential to contribute up to 10% of the global GDP by 2030.
Studies have also shown that between 2017–2018 and 2019–2020, average annual
employment in India’s CE was around 39.73 million, accounting to about 8.3% of
total employment in India during the period. According to the Creative Economy Outlook 2022
report by UNCTAD, India was ranked among the top 5 largest developing economy
exporters of creative goods along with China, Hong Kong (China), Vietnam and the
Republic of Korea. India is among the top 10 countries involved in the transnational
exchange of cultural and creative goods and services. Moreover, India’s exports of
performing arts goods were recorded at US$ 22.3 million in 2019, up from US$ 9.5
million in 2010, increasing more than twice during the last decade.
The Culture Working Group (CWG) under India’s G20 presidency, placed strategic and
significant focus on the CE, especially with a view to harmonizing conceptual
approaches; measurement of the economic weight of the CE to enable evidence-based
policy interventions; financial investment in capacity building and skill development of
culture practitioners; protection against misappropriation of traditional cultural
knowledge (TCKs) and traditional cultural expressions (TCEs); provision of business
support measures to Cultural and Creative enterprises; and, firmly situating and
empowering Creative Economy in today’s digital ecosystem.
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