The Orange Economy, also known as the creative economy, encompasses economic activities driven by culture, creativity, and intellectual property (IP) . It involves industries like arts, music, films, fashion, design, digital content creation, gaming, animation, architecture, and cultural tourism .
Key Aspects of the Orange Economy:
- Definition: The Orange Economy is an evolving concept that recognizes the potential of creative assets to boost economic growth and development . The term was popularized by Colombian economists Felipe Buitrago and Iván Duque, with “orange” symbolizing creativity and cultural identity .
- Characteristics:
- Combines economic, cultural, and social elements
- Integrates technology, intellectual property, and tourism
- Relies on knowledge-based activities
- Operates at both macro and micro levels
- Based on individual creativity, skill, and talent
- Creates jobs, wealth, and cultural value
- Driven by constant innovation and unique products
- Highly digitized processes
- Significance: Globally, the Orange Economy accounts for approximately 3% of global GDP and 30 million jobs worldwide and significantly contributes to sustainable development goals .
- Growth in India: India is emerging as a global leader in the Orange Economy, leveraging its creativity, culture, and intellectual property . A young demographic, increasing internet penetration, rich cultural heritage, and government initiatives drive this rapid growth .
- WAVES 2025 Summit: At the World Audio Visual and Entertainment Summit (WAVES) 2025 in Mumbai, Prime Minister Narendra Modi emphasized the importance of the Orange Economy for India’s economic future . He called on young creators to drive the nation’s Orange Economy forward, recognizing their work as fueling a new wave of creativity .
- Government Support: The Indian government is investing heavily in the creator economy . This includes a \$1 billion fund to support creators by providing access to capital, skill development, and global market access . Additionally, ₹391 crore has been allocated to establish the Indian Institute of Creative Technology (IICT) to build expertise in digital and creative technologies .
- Impact and Potential:
- Creators in India influence over \$350 billion in annual spending, which could reach \$1 trillion by 2030 .
- Direct revenues from the creator ecosystem are projected to grow from \$20–25 billion today to \$100–125 billion by the end of the decade .
- India has an estimated 2 to 2.5 million active digital creators, but only 8–10% effectively monetize their content, indicating significant unrealized potential .
In summary, the Orange Economy leverages creativity and culture for economic growth, and India is strategically positioned to capitalize on this sector through government support and a thriving digital landscape . for more economy news click www.eminentnews.com
