CREATIVE ECONOMY OFFERS BIG OPPORTUNITIES
The creative economy and care industry are the two emerging sectors in the modern economy that have immense potential for jobs and incomes. The creative industries consist of advertising, architecture, arts and crafts, design, fashion, film, video, photography, music, performing arts, publishing, research and development, software, computer games, electronic publishing and television/radio. A 2019 report by the United Nations Conference on Trade and Development (Creative Economy Outlook 2019, Geneva: UNCTAD) states that the creative economy improve human and social well-being, and as expressions of the human imagination, they bring joy, meaning and fulfilment to lives. They spread important social and cultural values that encourage social cohesion and lift human spirits.
They have very large employment potential too. Unlike many other sectors, technological changes can affect creative industries positively, creating new jobs and not necessarily reducing existing jobs much. The contemporary creative economy thrives at the intersection of culture, technology, business and innovation (for instance 3D animation). It can be a potent source of future innovation as well. These activities are increasingly well-suited to small- and medium-sized enterprises. The cross-border trade in creative goods and services is buoyant, remaining so even during the pandemic
According to 2015 UNCTAD report, India is the eighth largest exporter of creative goods in the world and the third largest among developing countries (after China and Hong Kong) with exports of nearly $17 billion and a trade surplus of $12 billion in this sector. In recent years, for example, India has become a centre for outsourcing of game development and game support services. In India it is hard to estimate exactly how many people are involved in the creative industries, because most of them are engaged in informal work, and only a small proportion operates in what are called "registered" industries.
JVKSSwaroop
They have very large employment potential too. Unlike many other sectors, technological changes can affect creative industries positively, creating new jobs and not necessarily reducing existing jobs much. The contemporary creative economy thrives at the intersection of culture, technology, business and innovation (for instance 3D animation). It can be a potent source of future innovation as well. These activities are increasingly well-suited to small- and medium-sized enterprises. The cross-border trade in creative goods and services is buoyant, remaining so even during the pandemic
The handloom and handicraft sector alone is recognised to be the second-largest employer in the country after agriculture. In India public investment in culture has second-largestcreasing especially over the past decade, as confirmed by a recent report from the United Nations Educational, Scientific and Cultural Organisation ("Reshaping Policies for Creativity: Addressing culture as a global public good", UNESCO, Paris 2022). Governments should design and implement appropriate policies to promote a creative economy that has both cultural and commercial gains.
JVKSSwaroop
