Reflection and development of India’s creative economy
India Exim Bank’s Working Paper Series is an attempt to disseminate the findings of research studies carried out in the Bank. The results of research studies can interest exporters, policy makers, industrialists, export promotion agencies as well as researchers. The study analyses 7 key creative industries identified by UNCTAD to understand their trade potential. These 7 key industries classified as part of the creative economy include: art crafts, audiovisuals, design, new media, performing arts, publishing, and visual arts.
- Global exports of creative goods recorded an AAGR of 5.5% during 2010 to 2019; however, India’s exports of creative goods grew faster, during this period, at 7.2%.
- The exports of creative goods from India increased from US$ 13.8 billion in 2010 to US$ 21.1 billion in 2019 – 1.5 times increase.
- In India, the contribution of the design segment was 87.5% of the total creative goods exports in 2019. Almost 9% is contributed by the art crafts segment.
- In the Indian context, one of the major segments under the cultural and creative industries is the film industry. According to KPMG’s 2020 Media and Entertainment report, the total screen count in India in FY 20 was 9440, of which 3150 screens were multiplexes screens.