According to a paper by Exim Bank of India, India’s creative economy which includes arts and crafts, audio and video arts and design, accounted for exports of goods and services worth $121 billion in 2019.
The research paper maps the untapped export potential of India’s creative economy, Exim Bank said in a release on the occasion of the opening of Exim Bazaar at the National Crafts Museum here on Saturday.
Exim Bank said that the first-of-its-kind study ‘Reflections and Growth of India’s Creative Economy’ analyzed seven different creative segments namely arts and crafts, audio visual, design and visual arts as per the United Nations classification, so that to map their export potential.
Exim Bank, citing the research paper, said that India’s total exports of creative goods and services in 2019 were close to $121 billion, of which exports of creative services were around $100 billion.
“In India, the design segment contributed to 87.5% of the total creative goods exports in 2019, and another 9% is contributed by the arts and crafts segment.” Also, in the Indian context, the creative goods industry has a trade surplus of $16 billion, according to the paper released by Padma Vibhushan Dr Sonal Mansingh.
Exim Bank said that the creative economy in the country has diversified immensely and industries such as the entertainment sector provide a significant boost to the creative economy.
In terms of revenue, India ranks sixth globally outside the US with respect to the top international box office markets.
According to the study, technology is playing an important role along with human creativity, knowledge, intellectual property in this developed field. The study also captured the role of artificial intelligence and machine learning, augmented reality and blockchain, which are influencing the functioning of the creative economy.
Exim Bank has worked on defining and mapping creative industries in India, funding creative industries, focusing on joint programmes, addressing the issue of copyright, promoting MSMEs and local artisans, setting up creative creative economy in India recommendations have been made to promote Districts and centers, and formation of a special institute for creative industries.
It also analyzes the creative economy policies of countries such as the UK, Australia, France, South Korea, Indonesia and Thailand, where the creative economy with dedicated ministries or institutions has gained significant importance.
“While India has made progress in the industries associated with the creative economy, there is significant scope for the country to enhance the value of its creative economy. The India Exim Bank in its study suggests a single definition for the creative economy in the country , whereas a dedicated institution, which can explore its untapped potential,” the bank said in the release.