World Audio Visual Entertainment Summit (WAVES) is a global summit that brings together world of entertainment, creativity and culture.
- Prime Minister stated that creative economy will help to achieve India’s $5 trillion economy milestone.
About Creative Economy (also known as orange economy)
- UNCTAD defines creative industries as creation, production, and distribution cycles that leverage creativity and intellectual capital.
- It encompass knowledge based activities focusing on culture and heritage, including tangible and intangible creative products with economic value such as advertising, architecture, arts, music and movie production etc.
Significance of Creative Economy
- Economic growth: It accounts for 3% of global GDP and generate annual revenues of over $2 trillion worldwide.
- India's total exports of creative goods and services were nearly $121 billion in 2019 (Exim Bank).
- Employment: Responsible for employment of nearly 8% of India’s working population (Asian Development Bank).
- Sustainable Development: It promotes sustainable developmental goals (SDGs) such as SDG-5 (gender equality), SDG-8 (decent work and economic growth) etc.
- Soft power: It contributes to expanding soft power by fostering interconnectedness and transcending borders through music, dances etc.
