Wed Nov 20 17:27:11 UTC 2024: ## India’s Booming Creative Economy Takes Center Stage at IFFI

**Panaji, Goa (November 20, 2024):** The 55th International Film Festival of India (IFFI) opened in Goa today with a focus on India’s burgeoning creative economy. Union Minister of Information and Broadcasting, Ashwini Vaishnaw, highlighted the country’s commitment to fostering this sector, emphasizing its role in showcasing India’s diverse culture, heritage, and languages.

In his inaugural address, Vaishnaw stated that India’s creative economy, now a $30 billion industry contributing 2.5% to the GDP and employing 8% of the workforce, is poised for significant global impact. He cited the thriving influencer marketing sector (valued at ₹3,375 crore) and over 200,000 full-time content creators as evidence of this growth. The minister also noted the rise of new creative hubs in cities like Guwahati, Kochi, and Indore, fueling a decentralized creative revolution driven by India’s vast digital population (1.1 billion internet users and 700 million social media users). He further emphasized the positive spillover effects of this growth on sectors like tourism and technology.

Veteran filmmaker Shekhar Kapur, director of this year’s IFFI, echoed the importance of storytelling in a world often marked by conflict. He stressed that sharing stories is crucial for bridging divides and fostering understanding, both within and between nations. Kapur praised the Indian film industry as both the largest content producer and consumer globally, urging a celebration of both filmmakers and audiences at the festival. He called for using film to build bridges rather than focusing solely on awards.

The IFFI, running from November 20th to 28th, promises to be a vibrant showcase of India’s creative prowess and its potential to shape the global media landscape.

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