A research paper by India Exim Bank maps the untapped export potential of India’s creative economy. The study, which is first of its kind, titled ‘Reflection & Development of India’s Creative Economy’, analyzed 7 different creative segments such as art & crafts, audio visuals, design, visual arts, amongst others, as per UN classification, to map the export potential.
According to India Exim Bank research, India’s total exports of creative goods and services stood at close to US$ 121 billion as in 2019, of which export of creative services accounted for nearly USD 100 billion.
In India, the contribution of design segment was 87.5% of the total creative goods exports in 2019, and another 9% is contributed by art and crafts segment. Further analysis shows that, in the Indian context, creative goods industry has a trade surplus of US$ 16 billion.
This Study on creative economy was released by Padma Vibhushan Dr. Sonal Mansingh, at Exim Bazaar organized at the National Crafts Museum, New Delhi on September 3, 2022.
The creative economy is significantly diversified in India. Industries such as film give an important push to the creative economy. India ranks 6th globally, outside the US, with respect to the top international box office markets by revenue.
The Study draws home the critical role technology is playing with human creativity, knowledge, intellectual property, amongst others in this evolving arena. The study also captures the role of artificial intelligence and machine learning, extended reality, and blockchain, which are impacting the functioning of creative economy.
This unique Study by India Exim Bank provides various recommendations to promote the creative economy in India. Amongst others, the suggestions include defining and mapping the creative industries in India, funds to finance the creative industries, focusing on joint programs, addressing the issue of copyrights, promoting MSMEs and local artisans, establishing creative districts and hubs, and forming a specialized institution for creative industries.
The study also analyses the Creative Economy policies of countries such as the UK, Australia, France, South Korea, Indonesia, and Thailand where Creative Economy has found significant importance, with dedicated ministries or institutions.
While India has made progress in industries associated with the creative economy, the country has significant scope to upscale the value of its creative economy. India Exim Bank in its Study suggests for drawing up a single definition for creative economy in the country, while having a dedicated institution, which could explore its untapped potential.