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New Delhi: “The International Film Festival of India (IFFI) has become a significant milestone in the development of the Indian film industry. India is focused on developing a content creators’ economy, which is vibrant and rapidly growing,” said Union Minister for Information & Broadcasting, Ashwini Vaishnaw, in a video message during the vibrant Opening Ceremony of the 55th IFFI held in Goa today.
#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
The Minister also highlighted India’s creative sector as a dynamic force contributing to economic growth and showcasing the country’s rich cultural heritage. “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 added.
The Union Minister also called upon creators to leverage cutting-edge technologies to craft stories that resonate with global audiences while reflecting India’s unique identity. “With the integration of technology and the development of a robust creators’ ecosystem, we believe India’s creative sector will continue to thrive,” he said.
The Minister extended a warm invitation to all film lovers, filmmakers, and IFFI delegates, expressing hope that the festival would foster new partnerships and collaborations for creative minds. “We also hope that young creators will find mentorship and guidance here. The ideas shared during this event will help shape the direction of the industry in the coming years,” he added.
India’s Creative Economy: A Global Powerhouse
In an article published today, Shri Vaishnaw also elaborated on the growth trajectory of India’s creative economy. ‘India’s creative economy is rapidly expanding, now valued at $30 billion, contributing nearly 2.5% to India’s GDP and providing livelihoods to 8% of the workforce. The influencer marketing sector alone is valued at INR 3,375 crore, with over 200,000 full-time content creators contributing to India’s global presence,’ he penned. The Minister pointed out that cities such as Guwahati, Kochi, and Indore are emerging as creative epicentres, fuelling a decentralized creative revolution across the country.
The Minister further emphasized the broader impact of India’s creative industries, stating that they extend beyond GDP growth, helping shape the country’s global soft power through Bollywood, Regional cinema, and other cultural outputs.
The Minister reiterated about the Government’s transformative interventions adding that the World Audio Visual & Entertainment Summit (WAVES) is a landmark initiative to position the country as a global powerhouse in content creation and innovation. ‘The future belongs to those who innovate, collaborate, and create seamlessly,’ he wrote. ‘Let India’s creative economy be a beacon of inspiration, driving economic growth, cultural diplomacy, and global leadership. Together, let us ensure that every Indian creator becomes a global storyteller, and the world looks to India for the stories that shape tomorrow.’
As IFFI kicks off, the Minister, through his article, emphasized the role of India’s creators in leading the global creative economy. ‘India’s creators are poised to take the lead in the global creative economy,” he stated.
The 55th edition of the festival commenced with a grand opening ceremony in Goa, the permanent venue for IFFI, today, 20th November 2024. The nine-day festival will run until 28th November, 2024 offering the film-makers and creative artists a platform for sharing and celebrating the joy of cinema.
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