Creative economy can further increase its share in GDP, says PM Modi

Prime Minister Narendra Modi on Thursday said that India’s creative economy can further increase its contribution to the country’s gross domestic product (GDP). He was speaking at the inauguration of the first World Audio Visual and Entertainment Summit (WAVES) being held in Mumbai.

 

In India, the orange economy (consists of all industries related to creativity and intellectual property) is thriving, and content, creativity and culture are the three pillars of the orange economy, Modi said in his inauguration speech.

 

The PM said that Indian films are now reaching every corner of the world, with they being released in more than 100 countries.

 

 

“That is why today, a large number of foreign audiences are watching Indian content with subtitles. In India, the OTT (over the top) industry has seen a 10-time growth in the last few years. Even though the screen size is getting smaller, the scope is infinite,” said Modi.

 

He also added that today India's film production, digital content, gaming, fashion, and music have a global impact.

 

“Today, the size of the global animation market is more than $430 billion, and it is estimated to double in the next 10 years. This is a great opportunity for India's animation and graphic industry. (On the other hand) Indian cuisine is becoming a global favourite and soon Indian music will gain similar worldwide recognition,” he noted.

 

The PM urged all investors to make India a content playground as the country is on the way to becoming the third-largest economy in the world. Modi also said that today, India is the number one country in terms of global financial technology adaptation rate. India is also the second-largest mobile manufacturer and third-largest startup ecosystem in the world, he added.

 

“India has much more to offer along with a billion-plus voice, with the country’s population being more than a billion. Content creation is another speciality of India, and now you (addressing the people across the globe) will feel the mantra of ‘create in India’ and you will enjoy it,” he noted.

 

Modi also talked about creative responsibility as the role of technology is continuously increasing in the lives of people.

 

“In such a situation, to keep the human senses alive, extra efforts are needed. Only the creative world can do this. We should not allow humans to become robots. We have to make humans more sensitive. We have to make them more advanced,” the PM added. 

 

Govt invests ₹400 cr in IICT

 

At the same event, Information and Broadcasting Minister Ashwini Vaishnaw announced the launch of the Indian Institute of Creative Technology (IICT) for AVGC-XR sector. He added that as per industry estimates, India is home to over 40 million creators. AVGC-XR stands for animation, visual effects, gaming, comics, and extended reality.

 

“Our Prime Minister, Shri Narendra Modi ji, has decided to develop a new set of institutions for this kind of challenge. We all know the success and the contribution of the IIT system and the IIM system. On similar lines, the first IICT will be established here in Mumbai and our PM has already allocated ₹400 crore, and the Government of Maharashtra has provided the land for it,” he added.

 

Vaishnaw further said that the government has seen large firms like Nvidia, Google, Apple, Microsoft, and Adobe collaborating to make IICT a world-class institution, and to make the young creators in India future-ready.

 

“Mumbai has always been the city of dreams, and Mumbai is the natural host for WAVES. WAVES platform and IICT will further strengthen Mumbai's role as a key centre in the global creative ecosystem,” he said.

 

Meanwhile, Mukesh Ambani, chairman and managing director of Reliance Industries, said at the event that India’s media and entertainment value today was $28 billion. Going ahead, this industry can grow over $100 billion in value, Ambani added.

 

Postal stamps issued to honour legendary cinema icons

 

At the inauguration of WAVES, the PM, Vaishnaw, and Maharashtra Chief Minister Devendra Fadnavis released commemorative postal stamps for Guru Dutt (late filmmaker), Salil Chowdhury (late music compose), Raj Khosla (late director), Ritwik Ghatak (late filmmaker), and P Bhanumathi (late actor).