{"id":42594,"date":"2025-05-02T20:44:07","date_gmt":"2025-05-02T15:14:07","guid":{"rendered":"https:\/\/www.nextias.com\/ca\/?p=42594"},"modified":"2025-05-02T20:44:19","modified_gmt":"2025-05-02T15:14:19","slug":"world-audio-visual-and-entertainment-summit-waves-2025","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/02-05-2025\/world-audio-visual-and-entertainment-summit-waves-2025","title":{"rendered":"World Audio Visual and Entertainment Summit (WAVES), 2025"},"content":{"rendered":"\n<p><strong>Syllabus: GS3\/ Economy<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>In News<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>At the inaugural WAVES Summit 2025 held in Mumbai, the Prime Minister underscored the creative economy as a critical lever for India\u2019s future GDP growth, innovation, and inclusive development.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>More About the News<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Prime Minister announced the launch of the <strong>Indian Institute of Creative Technology (IICT)<\/strong>, a<strong> National Centre of Excellence<\/strong> aimed at upskilling youth and fostering innovation in media, animation, gaming, and content creation.<\/li>\n\n\n\n<li>The IICT is being established by the <strong>Ministry of Information &amp; Broadcasting in partnership with industry bodies FICCI and CII.<\/strong><\/li>\n\n\n\n<li>The WAVES aims to unlock a $50 billion market by 2029, expanding India\u2019s footprint in the global entertainment economy.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>About Creative Economy (also called Orange Economy)<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <strong>Creative Economy encompasses industries <\/strong>that rely on individual creativity, skill, and intellectual property (IP) to generate economic value. These include:\n<ul class=\"wp-block-list\">\n<li><strong>Cultural industries:<\/strong> Music, film, theatre, dance, crafts, literature<\/li>\n\n\n\n<li><strong>Creative industries:<\/strong> Advertising, fashion, design, architecture<\/li>\n\n\n\n<li><strong>Digital creative sectors: <\/strong>Animation, VFX, gaming, XR (Extended Reality), OTT platforms, YouTube\/podcasts, influencer content<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>John Howkins <\/strong>is credited for popularising the term <strong>&#8220;creative economy.\u201d <\/strong>The term <strong>\u201cOrange Economy\u201d<\/strong> was coined by former Colombian President Iv\u00e1n Duque and Minister Felipe Buitrago.\u00a0<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Current Status of India&#8217;s Creative Economy<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Economic Contribution<\/strong>: As of 2025, India&#8217;s creative economy contributes approximately $30 billion to the national GDP, employing about 8% of the workforce.\u00a0<\/li>\n\n\n\n<li><strong>Export Potential: <\/strong>Creative exports have surpassed $11 billion annually, encompassing sectors like film, music, design, and digital content.\u00a0<\/li>\n\n\n\n<li><strong>Global Standing: <\/strong>India ranks among the top countries in fintech adoption, mobile manufacturing, and startup ecosystems, providing a robust foundation for creative industries to flourish.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>India\u2019s Potential in the Creative Economy<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Demographic Dividend: <\/strong>Over 65% of India&#8217;s population is below the age of 35 which are the main driver for content creation, gaming, design, and short-format storytelling.<\/li>\n\n\n\n<li><strong>Digital Infrastructure: <\/strong>India has the second-largest internet user base globally. Initiatives like Digital India, BharatNet, and 5G rollout are enabling digital entrepreneurship in rural and urban areas alike.<\/li>\n\n\n\n<li><strong>Cultural Heritage:<\/strong> India&#8217;s diverse traditions, languages, art forms, and mythology provide rich content for global storytelling. Cultural exports like Bollywood, Indian cuisine, and yoga have created strong brand recall internationally.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Challenges<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Lack of IP awareness:<\/strong> Weak enforcement of copyrights, design patents, and royalties.<\/li>\n\n\n\n<li><strong>Fragmented industry: <\/strong>Dominated by informal, unorganized sectors without formal recognition.<\/li>\n\n\n\n<li><strong>Skill gaps: <\/strong>Training programs often lag behind fast-evolving digital tools and formats.<\/li>\n\n\n\n<li><strong>Funding barriers:<\/strong> Lack of easy access to credit and grants for artists and creative startups.<\/li>\n\n\n\n<li><strong>Limited rural participation: <\/strong>Urban-centric growth excludes rural talent and craftspeople.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background\" style=\"background-color:#fff2cc\"><tbody><tr><td><strong>India&#8217;s Initiatives for Promoting Creative Economy<\/strong><br>&#8211; <strong>National Creators Award: <\/strong>Established in 2024 to recognize excellence in digital content creation across various platforms.<br>&#8211; <strong>$1 Billion Creator Economy Fund:<\/strong> Announced to support content creators in improving skills and expanding to global markets.<br>&#8211; <strong>National Handicrafts Development Programme (NHDP):<\/strong> Implemented by the Ministry of Textiles to develop and promote handicrafts.<br>&#8211;<strong>Scheme of Financial Assistance for Promotion of Art and Culture: <\/strong>Provides financial support to cultural organizations and artists for preserving and promoting India&#8217;s rich cultural heritage.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Source: TH<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<h3><strong>In News<\/strong><\/h3>\n<li class=\"ms-5\">At the inaugural WAVES Summit 2025 held in Mumbai, the Prime Minister underscored the creative economy as a critical lever for India\u2019s future GDP growth, innovation, and inclusive development.<\/li>\n<p><\/p>\n<h3><strong>More About the News<\/strong><\/h3>\n<li class=\"ms-5\">The Prime Minister announced the launch of the Indian Institute of Creative Technology (IICT), a National Centre of Excellence aimed at upskilling youth and fostering innovation in media, animation, gaming, and content creation.<\/li>\n<li class=\"ms-5\">The IICT is being established by the Ministry of Information &#038; Broadcasting in partnership with industry bodies FICCI and CII.<\/li>\n<p><a href=\"https:\/\/www.nextias.com\/ca\/current-affairs\/02-05-2025\/world-audio-visual-and-entertainment-summit-waves-2025\" class=\"btn btn-primary btn-sm float-end\">Read More<\/a><\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-42594","post","type-post","status-publish","format-standard","hentry","category-current-affairs"],"acf":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/42594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=42594"}],"version-history":[{"count":3,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/42594\/revisions"}],"predecessor-version":[{"id":42610,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/42594\/revisions\/42610"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=42594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=42594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=42594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}