India's Creative Economy Emerging As Key Growth Driver: CII

New Delhi, Jul 14 (KNN) India's creative economy is emerging as a key driver of economic growth, supported by the rapid expansion of the media and entertainment industry, digital platforms, and technology-led creative sectors, according to the Confederation of Indian Industry (CII).

Creative Industries Gain Economic Significance

Citing the UNCTAD Creative Economy Outlook 2024, CII noted that creative industries contribute between 0.5 percent and over 7 percent of GDP across countries, reflecting their growing role in the global economy.

India's media and entertainment sector was valued at Rs 2.5 trillion in 2024 and is projected to grow at an annual rate of 7 percent to nearly Rs 3.06 trillion by 2027, driven by rising demand for digital content and creative services.

Digital media now accounts for nearly one-third of the industry's revenues, while high-growth segments such as animation and visual effects (VFX), gaming and live entertainment are expanding rapidly.

Together, these sectors support more than 10 million livelihoods and generate around Rs 3 trillion annually.

AVGC-XR And Creative Technologies Expand

CII highlighted the growing importance of the Animation, Visual Effects, Gaming, Comics and Extended Reality (AVGC-XR) sector, which is emerging as a key contributor to India's digital and creative ecosystem.

The country is also strengthening its position as a global production hub, supported by a large pool of skilled creative professionals.

Handicrafts And Live Events Fuel Growth

India's handloom and handicrafts sector continues to play a significant role in the creative economy, with 455 craft categories and 318 Geographical Indication (GI)-tagged products contributing to exports, rural livelihoods and sustainable production.

The live events industry has also witnessed strong growth, with the sector valued at Rs 145 billion in 2025 and projected to reach Rs 196 billion by 2028, supported by increasing demand for experiential marketing, entertainment and tourism.

Industry estimates suggest the segment could generate an additional 15-20 million jobs by 2030.

According to CII, the expansion of the creative economy is creating new employment opportunities for designers, animators, software developers, storytellers and digital content creators, with nearly 2 million direct and indirect jobs expected to be generated over the coming decade.

CII Stresses Need For Continued Investments

The industry body also emphasised the growing role of the Orange Economy, which leverages culture, creativity and intellectual property as engines of economic growth.

Through international collaborations, startup support, intellectual property marketplaces and talent development initiatives, India is seeking to strengthen the global competitiveness of its creative industries.

CII said continued investments in skills, digital infrastructure and global market access will help position creativity as a sustainable pillar of India's economic growth while enhancing the country's cultural and economic influence worldwide.

(KNN Bureau)