Building creative ecosystems

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Sony's Gaurav Banerjee calls for creativity to be at the heart of India’s growth story
The Economic Times· 2025-10-07 17:14
Core Insights - The creative sector in India is essential for economic growth, job creation, and enhancing soft power, and it should be prioritized similarly to technology investments [1][8] - India's media and entertainment sector is valued at nearly $30 billion, contributing about 0.7% to GDP, and is primarily driven by domestic demand [2][8] - There is a need for innovative growth in the creative sector, as significant advancements have not occurred in the last decade [5][9] Industry Evolution - Three pivotal moments in India's creative evolution include the launch of "Kaun Banega Crorepati," the establishment of the IPL, and the emergence of pan-India storytelling through shows like "Satyamev Jayate" and films like "Baahubali" [3][8] - The Indian Premier League (IPL) serves as a successful model for aggregating human capital and creating a talent pipeline, which is crucial for nurturing authentic storytellers [6][9] Success Stories - The Malayalam film industry exemplifies a thriving creative ecosystem, with films like "Lokah Chapter One" achieving significant commercial success, grossing over 300 crore against a production cost of less than 30 crore [7][9] - Other successful Malayalam films, such as "Aavesham" and "Manjummel Boys," demonstrate the potential of sustained investment and creative freedom [8][9] Recommendations for Growth - To foster the next phase of media growth, India must establish creative institutions and centers of excellence that support talent development and enhance collaboration between academia and industry [8][9] - Urgent action is needed to create an ecosystem that identifies and nurtures innovative storytelling, aiming for global recognition similar to successful international productions [9]