Description

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Context:

India is emerging as a global leader in the creative-driven Orange Economy.

WAVES 2025 Summit

The World Audio Visual & Entertainment Summit (WAVES) 2025 is the first of its kind, hosted by the Government of India at the Jio World Convention Centre in Mumbai to position India as a global hub for Media & Entertainment (M&E), intellectual property, and technological innovation.

At WAVES 2025, the Prime Minister underlined the concept of an "orange economy" that leverages creativity, culture, and intellectual property to drive economic growth.

About Orange Economy

It is also known as the 'creative economy,' encloses sectors related to creativity and cultural industries.

According to the United Nations Economic Network, it is an evolving concept that focuses on the contribution and potential of creative assets to drive economic growth and development.

It is emerging as an influential economic driver in India. With a projected compound annual growth rate (CAGR) of 18%, India's creator economy is expected to grow from ₹19 billion in 2023 to ₹34 billion by 2026, according to Ernst & Young.

The term "Orange Economy" was popularized by Colombian economists Felipe Buitrago and Iván Duque. The color orange was chosen as a symbol of creativity and cultural identity.

Core Characteristics

Integration of economic, cultural, and social aspects
Interaction with technology, intellectual property, and tourism
Knowledge-based economic activities with development dimensions
Linkages at macro and micro levels to the overall economy
Based on individual creativity, skill, and talent
Potential to create jobs, wealth, and cultural value
Known for constant innovation and unique products (not mass production)
Highly digitized processes

Industries Within the Orange Economy

Significance

According to UNESCO, the Orange Economy accounts for approximately:

3% of global GDP
30 million jobs worldwide
Significant contributor to sustainable development goals

India's creative economy is experiencing rapid growth, driven by:

Growing digital infrastructure
Increasing internet penetration
Young demographic with high digital adoption
Rich cultural heritage and diversity
Government initiatives promoting creative industries

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Source:

BUSINESSTODAY

PRACTICE QUESTION

Q. “The creator economy represents a double-edged sword — offering unprecedented freedom while exposing individuals to financial instability.” Critically analyze. 150 words