Prime Minister Leads WAVES Advisory Board Meeting to Establish India as a Global Entertainment Hub
The World Audio Visual Entertainment Summit (WAVES) is a global platform that unites entertainment, creativity, and culture. During the meeting, the Prime Minister emphasized that the creative economy will play a vital role in helping India achieve its goal of a $5 trillion economy.
About the Creative Economy (also known as the Orange Economy):
The UNCTAD defines creative industries as the creation, production, and distribution processes that harness creativity and intellectual capital. This includes knowledge-based activities focused on culture and heritage, encompassing both tangible and intangible creative products with economic value, such as advertising, architecture, arts, music, and film production.
Importance of the Creative Economy:
- Economic Growth: The creative economy accounts for 3% of global GDP, generating over $2 trillion in annual revenues worldwide.
- India’s Exports: In 2019, India’s total exports of creative goods and services were nearly $121 billion (Exim Bank).
- Employment: The creative sector employs almost 8% of India’s workforce (Asian Development Bank).
- Sustainable Development: It supports sustainable development goals (SDGs), such as SDG-5 (gender equality) and SDG-8 (decent work and economic growth).
- Soft Power: The creative economy enhances India's soft power by promoting cultural interconnectedness and transcending borders through music, dance, and other cultural expressions.
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