India’s creative industries, which include arts and crafts, audio and video arts, and design, among others, accounted for US$121 billion worth of exports of goods and services in 2019, according to a paper by Exim Bank of India.
The research paper maps the untapped export potential of India’s creative industries, Exim Bank said in a press release marking the opening of the Exim Bazaar at the National Crafts Museum, here on Saturday.
Exim Bank said the first-of-its-kind study “Reflection and Development of Indian Creative Industries” analyzed seven different creative segments such as arts and crafts, audiovisual, design and visual arts, among others, according to the UN classification to map export potential. India’s total exports of creative goods and services were nearly US$121 billion in 2019, of which nearly US$100 billion was accounted for by exports of creative services, Exim Bank said, citing the research paper.
“In India, in 2019, the contribution of the design segment was 87.5 percent of the total creative goods exports, and another 9 percent is contributed by the arts and crafts segment.” Also, the creative goods industry has a trade surplus of US$16 billion in the Indian context, as from that of Padma Vibhushan Dr. Paper published by Sonal Mansingh. According to Exim Bank, the creative industries in the country are highly diversified and sectors such as film are giving the creative industries an important boost.
India ranks 6th in the world outside the US in terms of major international box office markets by revenue. According to the study, technology plays a crucial role in human creativity, knowledge and intellectual property, among others in this developing field.
The study also captures the role of artificial intelligence and machine learning, augmented reality and blockchain affecting the functioning of the creative industries.
Through the paper, Exim Bank made various recommendations to promote creative industries in India, including defining and mapping creative industries in India, means to finance creative industries, focus on joint programs, treatment of intellectual property rights, support for MSMEs and local artisans, establishment of creative quarters and centers and formation of a specialized institution for the creative industries. It also analyzes the creative industries policies of countries such as Great Britain, Australia, France, South Korea, Indonesia and Thailand, where the creative industries have gained considerable importance with their own ministries or institutions.
“Although India has made strides in industries linked to the creative industries, the country has significant scope to increase the value of its creative institutions that could realize their untapped potential,” the press release reads.
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