New Delhi, August 26, 2024: The Indian Chamber of Commerce (ICC) successfully launched the All India Initiative on Creative Economy (AIICE) at The Imperial, New Delhi. This event marked a significant milestone in advancing India’s creative industries.
India’s creative economy, currently valued at $30 billion, is a dynamic and rapidly growing sector. With creative exports having surged by 20% in the past year, generating over $11 billion, the AIICE initiative is poised to further accelerate this growth by addressing key challenges and leveraging untapped opportunities within the sector.
AIICE has been launched with the objectives of defining and mapping the creative industries in India, providing funding to finance these industries, addressing copyright issues, promoting MSMEs and local artisans, and upscaling the value of India’s creative economy. It also aims to develop a unified definition for the creative economy in India and establish a dedicated institution to explore its untapped potential and incentivize the sector.
The event featured esteemed dignitaries, including Hon’ble Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri, Sarod Maestro and Padma Vibhushan awardee, Ustad Amjad Ali Khan, President, Indian Chamber of Commerce, Mr. Ameya Prabhu, President-elect, ICC, Mr. Abhyuday Jindal among others.
During his speech, Hon’ble Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri said, “I would like to congratulate the Indian Chamber of Commerce for conceptualizing this All India initiative on the Creative Economy. The stereotype used to be that if you want security in life then you go for formal employment, but in contrast, with the creative economy accounting for nearly 50 million jobs worldwide, these occupations now pay about 88% higher than their counterparts in the formal employment. According to a report by Goldman Sachs in August 2023, we have 100 million content creators in India making India the content capital of the world. We must ensure our regulatory framework evolves with advancements like AI, which is already widely used across newsrooms and creative sectors. With the right safeguards, we can harness this huge opportunity, lower costs, and promote innovation, while addressing privacy concerns, market monopolization, and intellectual property rights”.
The event commenced with a welcome address by Mr. Ameya Prabhu, President of ICC, setting the tone for the launch. Talking about our nation’s diverse creative landscape, President, Indian Chamber of Commerce, Mr Ameya Prabhu, mentioned, “Our culture has been aptly represented on the global stage over the years through India’s rich legacy of creativity across mediums like cinema, art, literature, sculpture, architecture and more. I believe we can continue to showcase India’s creative repertoire both domestically and internationally by leveraging AIICE, and with the support of institutions like ICC, which has a long-standing history of promoting art and culture globally”.
This was followed by addresses from key figures, including Ms. Rakhi Sarkar, AIICE Chairperson; Ms. Sunita Shanker, Founder & Proprietor of Sunita Shanker Studio; Mr. Anantha Padmanabhan, CEO of HarperCollins; Mr. Rajeev Sethi, Padma Bhushan; and Ustad Amjad Ali Khan, Padma Vibhushan.
Mrs. Rakhi Sarkar spoke about the significance of the creative sector in her address, stating, “Our aim is to provide a thrust to the creative sector of this country, which has traditionally been central to our civilization, economy, and culture, driving our people and nation to create ideas, propel progress, and prosperity. In modern and contemporary times, it is this creative freedom that has sustained our right to articulate and question.” She further added, “AIICE hopes to work with governments at both the state and central levels, as well as globally; interact with community centers, NGOs, international agencies, business and industrial houses, and knowledge sectors. Our aim is to impact government policy frameworks, foment grassroots participation, and ensure effective delivery.”
Ms. Sunita Shanker emphasized the importance of preserving India’s cultural heritage, particularly through the support of artisans and practitioners who are the true custodians of this rich legacy. She remarked, “The future evolution of our cultural patterns depends on sustaining the present. The artisans or the practitioners are the true custodians of the rich cultural heritage. And we are fortunate to have such a diverse, distinct, localized class and visual repertoire.”
Mr. Anantha Padmanabhan highlighted the complexities within the publishing industry, noting, “There is a difference between the perceived and the actual size of the publishing industry. In reality, there are two distinct facets to the industry. We must develop policies that ensure books can reach the widest possible audience across various languages and formats.”
Mr. Rajeev Sethi remarked on the resilience and creativity inherent in India’s cultural fabric, saying, “There is something so resilient in our spirit that it prevents us from being quite overwhelmed. Our capacity to imagine and create from what we have can sustain a vulnerable population and boost the creative economy. Enable our spirit to create an outcome from what we are only humming at the moment.”
The event concluded with a vote of thanks by Managing Director, Jindal Stainless, Mr. Abhyuday Jindal, who said, “The creative economy, also known as the orange economy is one of the rapidly growing sectors of the global economy. Here in India, this sector has flourished, becoming a USD 30 billion industry as of 2023, and it is growing at a rate of more than 20%. It’s knowledge-based and often rooted in local communities, impacting both micro- and macro-economic development. Therefore, it is opportune to bring together the diverse disciplines of the creative economy under one roof. I am privileged to be part of ICC’s initiative to become a force multiplier for this sector”.
AIICE is supported by a prestigious panel of patrons, including Ustad Amjad Ali Khan, Padma Vibhushan, Sarod Virtuoso and Composer; Kajol Devgan, Padma Shri, Renowned Indian Actress; Rajeev Sethi, Padma Bhushan, Scenographer, Art Curator, Designer, Chairman & Founder at Asian Heritage Foundation; and Vir Sanghvi, Eminent Journalist & Television Personality.
The committee members include reputed names from verticals like art, fashion, cinema, culinary, publishing, media performing arts and cottage industries — Chairperson, AIICE, Rakhi Sarkar; Contemporary Sarod Player, Composer and Producer, Ayaan Ali Bangash; Fashion Designer, Kiran Uttam Ghosh; Founder and Proprietor of Sunita Shanker Studio, Sunita Shanker; CEO of Sasha Association for Craft Producers, Roopa Mehta to name a few.
The ICC’s initiative comes at a time when the global creative economy is gaining unprecedented importance. Through the All India Initiative on Creative Economy, the Indian Chamber of Commerce aims to not only elevate India’s creative industries but also to establish the country as a key player on the world stage. The initiative will bring together stakeholders from various sectors to collaborate on policies, research, and innovative projects that will shape the future of India’s creative economy.
