Prime Minister Narendra Modi on Thursday addressed the first “World Audio Visual & Entertainment Summit” (WAVES) in Mumbai. The four day event is being held at the Jio World Convention Centre and will conclude on May 4. In his address, PM Modi emphasised on the growth and potential of content creation economy in India. He declared that time is ripe for the “Create In India And Create For The World.” PM Modi highlighted that this era marks the dawn of the ‘Orange Economy’ in India. He further mentioned that are three pillars of the Orange economy, which are content, creativity and culture.
“We are witnessing the growth era of the Orange economy. The three pillars of the Orange economy are content, creativity and culture. In the coming years, the creative economy can increase its contribution to India’s GDP…Today, India is emerging as a global hub for film production, digital content, gaming, fashion, music and live concerts…This is the dawn of the Orange Economy in India,” PM Modi said.
What Is Orange Economy?
‘Orange economy’ was the highlight of the keynote address by PM Modi. But what exactly is Orange economy? In this article, we will describe what Orange economy is.
The creative economy is interchangeably referred to as “orange economy.” This is an umbrella term for sectors related to creativity and cultural industries. Architecture, arts and crafts, design, fashion, film, video, advertising, photography, music, performing arts, publishing, research and development, software, and computer games are some of the industries that come under this economy. These industries focus on skill, talent, and creativity of an individual with aim to create jobs. The Orange economy is seen as a driver of job creation, economic growth, and social impact.
Furthermore, this economy integrates economic, cultural, and social aspects with technology, intellectual property, and tourism objectives. It is considered a significant source of commercial and cultural value, which contributes to GDP growth and employment.
To break in simple points, the Orange economy is based on following:
Knowledge-based
Driven by originality
Non-repetitive & tech-adaptive
Linked to value chain
Origin Of The Term
The term “Orange Economy” was coined by former Colombian President Iván Duque Márquez and former Culture Minister Felipe Buitrago. They had mentioned about it in their book “The Orange Economy: An Infinite Opportunity.” The orange colour was chosen as it resonated across cultures in creative, religious and cultural spheres.
In an interview with UN News, Buitrago explained the reason for using the term ‘Orange Economy.’ Buitrago said, “When you think about activities such as audiovisual, filmmaking, television, video games, music in all its forms as well as crafts, visual arts, theater and also, activities like design, fashion, and increasingly other digital expressions of communication, you are talking about something that represents us, our identity in various forms.”
“Those creative expressions live together in a very rich ecosystem where you have creators, you have dreamers, but you also have doers, entrepreneurs and policymakers, and that’s a very powerful sector of the economy,” Buitrago added.
All India Initiative On Creative Economy
Moreover, the Indian Chamber of Commerce launched the All India Initiative on Creative Economy (AIICE) on August 23, 2024. It is a forum where India’s creative industries come together and collaborate on various matters related to the creative economy.
After its launch last year, Union Minister Hardeep Puri had said, “In India, the creative industry is now a $30 billion industry and is responsible for the employment of nearly 8 per cent of India’s working population.” With creative exports increasing by 20 per cent last year alone, generating over $11 billion, the industry is expected to see remarkable growth in the coming years.”
The Minister had noted an increasing number of Indians, especially the youth in creative industry. He had also acknowledged the role of Bollywood and other local film industries in the creative economy of India.
