PM Urges India's Young Creators to Propel 'Orange Economy'
Prime Minister Narendra Modi urged India's young creators to propel the country's "Orange Economy" ahead, recognizing that their enthusiasm and diligence are forming a fresh wave of creativity, at India's first World Audio Visual and Entertainment Summit (WAVES) in Mumbai.
The Center last month launched a $1 billion fund to support India's burgeoning creative economy ahead of the Summit.
"A $1 billion fund will be created for the creator's economy which will be basically for making sure that all our energetic creators using the latest technologies today, will be able to get access to capital and hone their skills, upgrade their production levels and reach out to the global market," Union information and broadcasting minister Ashwini Vaishnaw had said.
The government has approved Rs 391 crore to build the Indian Institute of Creative Technology (IICT) in addition to the $1 billion budget, with the goal of promoting proficiency in digital and creative technology.
The goal of WAVES 2025 is to give content creators a platform on which to create valuable content.
By giving them access to capital, opportunities for skill development, and international markets, the program seeks to assist producers of digital content.
India's creator economy has been fueled by easier and less expensive internet access, as thousands of people—particularly young people—create material for social media platforms like YouTube.
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Prime Minister Narendra Modi stated in December of last year that India's attempts to become a $5 trillion economy are being revitalized by the creator economy. The Prime Minister emphasized the value of the creative economy, which can present India's culture and traditional knowledge to the globe, while mentioning how the renowned actor Raj Kapoor used cinema to make India a soft power. Marketing has also benefited from the creative economy.