Creative economy accounts for $121 bn of exports in 2019

India's creative economy comprising arts and crafts, audio and video arts and design among others accounted for exports of goods and services worth USD 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' analyzed seven different creative segments such as art & crafts, audiovisuals, design, and visual arts, amongst others, as per UN classification, to map the export potential. India's total exports of creative goods and services stood at close to USD 121 billion as of 2019, of which export of creative services accounted for nearly USD 100 billion, Exim Bank said citing the research paper.

"In India, the contribution of design segment was 87.5 per cent of the total creative goods exports in 2019, and another 9 per cent is contributed by art and crafts segment." Besides, in the Indian context, the creative goods industry has a trade surplus of USD 16 billion, as per the paper which was released by Padma Vibhushan Dr Sonal Mansingh. Exim Bank said the creative economy is significantly diversified in the country and industries such as film give an important push to the creative economy.

India ranks 6th globally, outside the US, with respect to the top international box office markets by revenue. As per the study, technology is playing a critical role in human creativity, knowledge, and intellectual property, amongst others in this evolving arena.

The study also captures the role of artificial intelligence and machine learning, extended reality, and blockchain, which are impacting the functioning of the creative economy.

Exim Bank has provided various recommendations to promote the creative economy in India through the paper including defining and mapping the creative industries in India, funds to finance the creative industries, focusing on joint programmes, addressing the issue of copyrights, promoting MSMEs and local artisans, establishing creative districts and hubs, and forming a specialized institution for creative industries. It also analyses the Creative Economy policies of countries such as the UK, 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," said the release.