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The Creative Economy

A creative economy is characterised by creation and creativity. This term encompasses a very wide range of economic activities; everything from art and music to research and development is a creative endeavour and comes under the creative economy umbrella. Global prosperity in the 21st century will no longer only be defined by manufacturing and industrial ability; the creative economy is playing an increasingly preeminent and pivotal role in holistic economic development.

India is, in many ways, already a creative economy. From our music industry to Bollywood to cutting edge pharmaceutical and software research, India has so far effectively leveraged its human capital and vast market as is beginning to realise its true potential as a creative economy. However, India as of yet still lags behind the world average in terms of the sector’s percentage of value added, but it certainly makes up for that lag in terms of gross value added. Nonetheless, with the combination of India’s cultural wealth and focus on technical prowess, India’s prospects seem very bright. As India continues to become wealthier and better educated, the real creative potential will be unleashed and it truly will be a sight to behold. 

IN INDIA 2021

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