PM Modi Champions 'Orange Economy' at WAVES Summit, Announces WAVES Awards

During the WAVES Summit in Mumbai, Prime Minister Narendra Modi underlined India's developing position in the global creative economic sector. During his opening address, India earned the description of an "orange economy" because cultural and creative sectors drive both financial growth and job creation. Rajinikanth and Mukesh Ambani joined forces at the event to endorse the government's strategic direction. Modi emphasized creative responsibility and identified the wide spectrum of Indian cultures, which creates power and strength for the global entertainment business.

Summary:

• During his address PM Modi showed how India's orange economy sector continues to gain international relevance which depends on creative cultural practices for boosting economic development.

• Global leaders join artists at the WAVES summit to support India's creative industry, as the summit additionally introduces the WAVES Awards to a public announcement.

Key Points

WAVES Summit

• WAVES operates as an international event that takes place in the Media & Entertainment domain.

• The Waves annual event receives its organizational direction from the Ministry of Information and Broadcasting.

• The summit unites economic players from the industry with creative stakeholders who work alongside organizational leaders.

What is Orange Economy?

• Promote trade

  • The M&E sector will benefit from your leadership direction toward its future development.

  • The "Create in India Challenge" initiative was launched by the government to enhance creative economic innovation in the nation.

• Creative Economy / Orange Economy

  • The term describes economic activities based on knowledge that involve the creation, production, and distribution of creative items or services.

• Includes sectors like:

  • The M&E sector contains film, music, design, architecture, publishing, fashion, advertising, arts, photography, software, and R&D sub-sectors.

  • Also known as:

    • Cultural industries

    • Creative industries

    • Orange economy

Creative Economy in India

• Valued at $30–36.2 billion

• Employs ~8% of India's workforce

• A total of 100 million Indians functioned as content creators at the start of 2023.

• Accounted for $121 billion in exports (2019)

• Pre-COVID: Contributed 2.5% to GDP

• The film industry in India leads all others in terms of production as of 2022.

India’s Media and Entertainment (M&E) Industry

• 5th largest in the world (after the US)

• Projected to reach $44.2 billion by 2028

Benefits of Creative Industries:

• Job creation and income generation: Creative sectors establish numerous professional positions for educated labor forces mainly within media industries and design sectors, and technological sectors.

• Economic Growth: It happens through the knowledge economy because creative industries stimulate innovation within multiple sectors and boost the overall economic development.

• Tourism and soft power: The creative sectors boost tourism by drawing visitors to cultural and artistic events that expand economic advantages for the economy. Through their cultural exports, India strengthens its presence on the global stage as well as its soft power capabilities.

• Urban revitalisation: Creative spaces and cultural development centers support the refreshing of metropolitan areas to improve the community standard of living, in addition to powering economic recovery.

Challenges in Promoting Creative Industries:

• Policy gaps: The creative sector faces significant problems due to inadequate focus in national policies while different government ministries fail to collaborate effectively.

• Infrastructure development: Better infrastructure with enhanced transportation links and digital networks must be built in order to exemplify the production and delivery of creative products. Funding resources are scarce especially for revolutionary projects that have high commercial worth.

• Intellectual property: The creative industry of India encounters significant obstacles in defending Intellectual Property rights because counterfeits and pirated materials remain major problems.

• Data deficiency: Strategic development initiatives for policy formulation and sectoral growth become limited due to incomplete data received from the field.

Initiatives to Promote Creative Industries:

• The Indian creative industries benefit from multiple launched initiatives aimed at their development.

•  National Film Development Corporation (NFDC): The National Film Development Corporation (NFDC) promotes the Indian film industry as its main objective.

•  National Institute of Design: The National Institute of Design operates as an educational and research institution for several design fields.

• UNESCO Creative City Network: Mumbai (Film), Hyderabad (Gastronomy), Varanasi & Chennai (Music), Jaipur (Crafts)

• SPIC MACAY: It functions as a cultural organization dedicated to maintaining Indian classical arts together with other traditional forms through educational institutions across India.

Recommendations for Promoting Creative Industries:

• Leveraging cultural heritage: India's vast cultural diversity provides authentic, globally marketable creative products that stem from its heritage. New storytelling techniques within arts and crafts help reflect multiple cultural identities of the nation.

• Promoting digital technologies: By using digital platforms with animation features and gaming capabilities, and visual effects, businesses can innovate their creative products, which expands their market to both national and international levels.

• Fostering collaborations: Establishment of collaboration networks between art practitioners and business leaders, together with academics and government officials, will enhance innovation and workforce development.

• Addressing policy and IP challenges: The growth of creative industries depends heavily on diverse policy measures that bolster creative industries alongside proper IP enforcement and more accessible financing opportunities.

Conclusion:

Through WAVES India demonstrates its purpose to promote creative thinking while aiming to achieve global industry leadership in the entertainment and media sectors. The emphasis on content responsibility together with cultural understanding matches India's multicultural heritage as it grows stronger in the international economic sphere. Through this initiative, India demonstrates its plan to unite cultural principles and technological advancement with creative approaches toward becoming a more economically powerful nation, which gains international recognition.