IFFI 2024: India's creative economy set to thrive; hits $30 billion, says I&B Minister Ashwini Vaishnaw

The 55th International Film Festival of India (IFFI) kicked off on November 20 in Goa, where Union Minister for Information & Broadcasting, Ashwini Vaishnaw, highlighted India’s growing creative economy and its role in the global film industry. “People are coming up with innovative content that showcases India's diverse cultures, cuisines, rich heritage, and gems of Indian literature and languages in interesting and creative ways as the country continues to empower creators, foster innovation, and drive cultural diplomacy on the world stage,” he said.

#IFFI has become a very important milestone in the development of film industry in India. We are focused on developing content creator's economy

We have a very vibrant creator's economy where people are coming up with very innovative content. With the addition of technology and… pic.twitter.com/1SqWSiEoKi

— PIB India (@PIB_India) November 20, 2024

In a video message, Vaishnaw emphasized that the IFFI has become a key milestone in the development of the Indian film industry, marking the country’s strong focus on nurturing a vibrant and rapidly growing content creators’ ecosystem. He noted that India’s creative sector is a dynamic force driving economic growth and showcasing the country’s diverse cultural heritage. He pointed out how creators across the country are coming up with innovative content that highlights India’s varied cultures, cuisines, heritage, and literature in fresh and exciting ways. "As India continues to empower creators, foster innovation, and drive cultural diplomacy, we are positioning ourselves as a global leader in content creation," he added.

The Minister also urged creators to leverage the latest technologies to craft stories that resonate with audiences worldwide while remaining true to India’s unique identity. “With the integration of technology and the development of a robust creator ecosystem, India’s creative sector is poised for continued success,” Vaishnaw said.

In an article, Vaishnaw elaborated on the impressive growth of India’s creative economy, which is currently valued at $30 billion, contributing nearly 2.5% to India’s GDP and providing employment to 8% of the country’s workforce. He also highlighted the rise of the influencer marketing sector, valued at Rs 3,375 crore, with over 200,000 full-time content creators shaping India’s global presence. Cities such as Guwahati, Kochi, and Indore, according to Vaishnaw, are emerging as creative hubs, driving a decentralized creative revolution across the country.

He also spoke about the government’s efforts to transform the sector, including initiatives like the World Audio Visual & Entertainment Summit (WAVES), which aims to position India as a global leader in content creation and innovation. “As we look to the future, the key to success lies in innovation, collaboration, and seamless creativity. Let India’s creative economy become a beacon of inspiration for global growth, cultural diplomacy, and leadership,” Vaishnaw said.