India’s creative economy comprising the arts and crafts, audio and video arts and design, among others, accounted for exports of goods and services worth $121 billion in 2019, according to a paper by the Exim Bank of India.
The research paper maps the untapped export potential of India’s creative economy, Exim Bank said in a release on the inauguration of Exim Bazaar at the National Crafts Museum, here on Saturday.
Exim Bank said the first of its kind study ‘Reflection & Development of India’s Creative Economy’ analysed seven different creative segments such as art & crafts, audio visuals, design and visual arts, as per the UN classification, to map their export potential.
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, Exim Bank said citing the research paper.
“In India, the contribution of the design segment was 87.5% of the total creative goods exports in 2019, and another 9% is contributed by art and crafts segment.”
Besides, in the Indian context, the creative goods industry has a trade surplus of $16 billion, as per the paper which was released by Padma Vibhushan Dr. Sonal Mansingh.
Exim Bank said the creative economy was significantly diversified in the country and industries such as the entertainment sector give an important push to the creative economy.
India ranks 6th globally, outside the U.S., with respect to the top international box office markets by revenue.
As per the study, technology is playing a critical role along with human creativity, knowledge, intellectual property in this evolving arena. The study also captured the role of artificial intelligence and machine learning, extended reality, and blockchain, which are impacting the functioning of the creative economy.
Exim Bank has made recommendations to promote the creative economy in India through the paper including defining and mapping the creative industries in India, funds to finance creative industries, focussing on joint programmes, addressing the issue of copyrights, promoting MSMEs and local artisans, establishing creative districts and hubs, and forming a specialised institution for creative industries.
It also analyses the Creative Economy policies of countries such as the U.K., 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 drawing up a single definition for creative economy in the country, while having a dedicated institution, which could explore its untapped potential,” the bank said in the release.