World Audio Visual and Entertainment Summit 2025

Context

At the inaugural WAVES Summit 2025 held in Mumbai, the Prime Minister underscored the creative economy as an essential lever for India’s future GDP growth, innovation, and inclusive development.

Key Highlights

• The Prime Minister introduced the launch of the Indian Institute of Creative Technology (IICT), a National Centre of Excellence aimed at upskilling youth and fostering innovation in media, animation, gaming, and content creation.
• The IICT is being set up by the Ministry of Information & Broadcasting in partnership with corporate bodies FICCI and CII.
• The WAVES aims to free up a $50 billion market by 2029, expanding India’s footprint within the global amusement economy.

About Creative Economy (also called Orange Economy)

• The Creative Economy encompasses industries that depend on character creativity, skill, and intellectual property (IP) to generate economic value. These include:
  • Cultural industries: Music, film, theatre, dance, crafts, literature
  • Creative industries: Advertising, fashion, layout, structure
  • Digital creative sectors: Animation, VFX, gaming, XR (Extended Reality), OTT platforms, YouTube/podcasts, influencer content
• John Howkins is credited for popularising the term “creative economy.” The term “Orange Economy” was coined by former Colombian President Iván Duque and Minister Felipe Buitrago. 

Current Status of India’s Creative Economy

• Economic Contribution: As of 2025, India’s creative economy contributes about $30 billion to the national GDP, using about 8% of the workforce. 
• Export Potential: Creative exports have passed $11 billion annually, encompassing sectors like movie, track, design, and digital content. 
• Global Standing: India ranks many of the pinnacle international locations in fintech adoption, mobile production, and startup ecosystems, offering a robust foundation for creative industries to flourish.

India’s Potential within the Creative Economy

• Demographic Dividend: Over 65% of India’s population is under the age of 35 which are the central driving force for content introduction, gaming, layout, and brief-layout storytelling.
• Digital Infrastructure: India has the second-largest net consumer base globally. Initiatives like Digital India, BharatNet, and 5G rollout are enabling digital entrepreneurship in rural and concrete regions alike.
• Cultural Heritage: India’s diverse traditions, languages, artwork, and mythology offer rich content for global storytelling. Cultural exports like Bollywood, Indian delicacies, and yoga have created strong brand remember internationally.

Challenges

• Lack of IP attention: Weak enforcement of copyrights, design patents, and royalties.
• Fragmented enterprise: Dominated by informal, unorganized sectors without formal status.
• Skill gaps: Training programs frequently lag at the back of fast-evolving digital equipment and codecs.
• Funding boundaries: Lack of free access to credit and offers for artists and creative startups.
• Limited rural participation: Urban-centric growth excludes rural expertise and craftspeople.

India’s Initiatives for Promoting Creative Economy

• National Creators Award: Established in 2024 to apprehend excellence in digital content advent across diverse systems.
• $1 Billion Creator Economy Fund: Announced to help content creators in improving skills and expanding to global markets.
• National Handicrafts Development Programme (NHDP): Implemented by the Ministry of Textiles to develop and promote handicrafts.
• Scheme of Financial Assistance for Promotion of Art and Culture: Provides financial assistance to cultural groups and artists for retaining and promoting India’s rich cultural background.

Source: The Hindu

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