The Orange Economy, also known as the Creative Economy, refers to economic activities that involve the generation and exploitation of knowledge and information rooted in creativity, culture, and intellectual property.
Unlike traditional sectors that rely on natural resources or manufacturing, this economy thrives on imagination, talent, and innovation.
Note :- The term “orange economy” was first coined by Iván Duque Márquez and Felipe Buitrago.
Elements of Orange :-
- Content
- Culture
- Creativity
Components of the Orange Economy:-
- Cultural Heritage:- Handicrafts, museums, traditional art forms, folklore, festivals.
- Cultural Industries:- Music, film, publishing, radio, television.
- Creative Industries:- Advertising, architecture, graphic design, fashion, gaming etc.
- Digital Creativity:- Apps, animation, YouTube channels, influencers, NFTs 3.
Why is it Called Orange?
The color orange symbolizes creativity, energy, and culture in many traditions. Hence, it is metaphorically used to describe this vibrant, idea-driven economy.
Significance of the Orange Economy:-
- Economic Growth:- Contributes 3-6% to global GDPs.
- Job Creation:- Employees over 30 million people globally.
- Encourage youth-led startups and local economics development.
- Cultural Preservation:- Revives traditional art and heritage.
- Innovation & Exports:-Boosts intellectual property exports.
- Soft Power:- Enhances global influence through cultural diplomacy.
- Diversification of the economy.
- Developing sustainable business models.
India and the Orange Economy:-
- India has immense potential due to its diverse culture and youth population.
- Opportunities:- Global appeal of Bollywood and Indian Music.
- Handloom and Handicraft sectors employ 7 million people.
- Growth in Digital Creators and creative startups.
Initiatives:- Digital India, Start-Up India, Cultural Mapping, Sui Dhaga-type Schemes.
Challenges in India:-
- No formal creative economy policy.
- Weak IP enforcement.
- Funding issues.
- Informal employment structure.
- Digital Divide.
- Market access and distribution.
- Lack of recognition and awareness.
Way Forward:-
- Formulate a National Creative Economy Policy.
- Strengthen IPR awareness and access.
- Promote creative skill education.
- Use digital platforms for rural artists.
- Encourage PPPs and link with tourism and diplomacy.