India’s Creative Economy : Driving Innovation and Shaping the Future : Ashwini Vaishna, Hon’ble , Union Minister For Information & Broadcasting.

New Delhi, Delhi, 19th of November, 2024 : “You are the digital ambassadors of India all over the world. You are the brand ambassadors of Vocal for Local.” These inspiring words by Hon’ble Prime Minister Narendra Modi, spoken during the presentation of the first-ever National Creators Award earlier this year, highlight the transformative role of India’s creative economy. Today, our creators are not just storytellers; they are nation-builders, shaping India’s identity and showcasing its dynamism on the global stage.

As the 55th International Film Festival of India (IFFI) kicks off today in Goa, the spotlight is firmly on the theme, ‘Young Filmmakers – The Future is Now’. Over the next eight days, IFFI will showcase hundreds of films, host master-classes with industry stalwarts, and honor the finest in global cinema. This convergence of global and Indian cinematic excellence underscores India’s creative economy as a powerhouse of innovation, employment, and cultural diplomacy.

The Expanding Horizon of India’s Creative Economy

India’s creative economy has emerged as a $30 billion industry, contributing nearly 2.5% of GDP and providing livelihoods to 8% of the workforce. Spanning cinema, gaming, animation, music, influencer marketing, and more, the sector reflects the vibrancy of India’s cultural landscape.

With a thriving influencer marketing sector valued at INR 3,375 crore, and over 200,000 full-time content creators, this industry is a dynamic force driving India’s global aspirations. Notably, more and more cities, such as Guwahati, Kochi, and Indore, are becoming creative epicenters, fueling a decentralized creative revolution.

India’s 110 crore internet users and 70 crore social media users are driving democratization of creativity. Social media platforms and OTT services enable creators to connect directly with global audiences. The rise of regional content and vernacular storytelling has further diversified the narrative, making India’s creative economy truly inclusive.

Content creators are achieving unprecedented economic success, with those having over one million followers earning between INR 20,000 and INR 2.5 lakh per month. This ecosystem is monetarily rewarding and also a platform for cultural expression and societal impact.

Impact Across Dimensions

The creative economy has a profound influence that extends well beyond GDP growth. It significantly impacts various sectors, including tourism, hospitality, and technology, by supporting ancillary industries. Additionally, digital platforms empower marginalized voices, promoting social inclusion, diversity, and the preservation of cultural heritage. Through its storytelling prowess, India enhances its global soft power, from Bollywood to regional cinema, showcasing its rich cultural narrative on the world stage. The sector also aligns with global sustainability goals, as seen in eco-friendly production practices and the rise of sustainable fashion, demonstrating its commitment to environmentally conscious growth.

Government’s Transformative Interventions

To elevate India’s creative economy on the global stage, the Government is prioritizing three key pillars: nurturing a robust talent pipeline, strengthening infrastructure for creators, and streamlining processes to empower storytellers. As part of this vision, the establishment of the Indian Institute of Creative Technology (IICT) underscores the Government’s commitment to fostering innovation and creativity. The IICT aims to ensure that Indian creators—whether in cinema, animation, gaming, or digital arts—continue to thrive as a unifying cultural force domestically and a leading influence in global entertainment. By embracing the latest technologies in filmmaking, immersive experiences, and interactive entertainment, India is poised to redefine the future of content creation.

The World Audio Visual & Entertainment Summit (WAVES) is a landmark initiative to position the country as a global powerhouse in content creation and innovation. WAVES serves as a dynamic platform where creators, industry leaders, and policymakers converge to shape the future of the audiovisual and entertainment sectors. Aligned with PM’s Create in India vision, the summit fosters collaboration, showcases India’s creative potential, and encourages global partnerships.

The Create in India Challenges are a pioneering initiative designed to unlock the immense potential of India’s creator economy. Launched as part of the build-up to the World Audio Visual & Entertainment Summit (WAVES), these challenges aim to inspire and empower talent in key sectors such as animation, gaming, music, OTT content, and immersive storytelling. With over 14,000 registrations and active participation from startups, independent creators, and industry professionals, the initiative showcases India’s innovative spirit.

The Road Ahead: Taking India to the World

As we embark on this eight-day celebration of cinematic brilliance at IFFI, the message is clear: India’s creators are poised to lead the global creative economy. The Government of India is fully committed to supporting this ecosystem—through policy reforms, infrastructure development, and incentives for innovation.

To our creators, the call to action is simple yet profound: embrace cutting-edge technologies like 5G, virtual production, and artificial intelligence. Leverage platforms that transcend geographical barriers and tell stories that resonate globally while reflecting India’s unique identity.

The future belongs to those who innovate, collaborate, and create seamlessly. Let India’s creative economy be a beacon of inspiration, driving economic growth, cultural diplomacy, and global leadership. Together, let us ensure that every Indian creator becomes a global storyteller and that the world looks to India for the stories that shape tomorrow.

About The Author