Since the start, India has been one of the most appreciated as well as authentic tourism destinations. Numerous artistic disciplines such as pottery, music, dancing, and other crafts, have flourished throughout the nation and aided in economic growth. One significant factor for the growth and innovation of India’s art business is primarily because of the introduction of greater creativity. The growing interest in Indian art has benefited the country’s economy and culture by enhancing diversity in India’s heritage. This industry has been one of the fastest expanding in the world economy, creating approximately 30 million jobs globally and employing people mostly between the ages of 15 and 29, compared to any other sector.
Understanding the scope of the art market in India
The booming tourism sector in India is the primary engine for this expansion. Metropolitan cities like Mumbai, Kolkata and Delhi have seen an increase in the number of museums and galleries to accommodate the influx of tourists.
As per business news India, one should first comprehend the extent of the Indian art market before assessing its importance. The predicted value of the Indian arts sector is USD 144.3 million in FY 2023, with an annual growth rate of 9%. India has a significant presence in the international art market as well and currently accounts for 7-8% of it.
The art industry has always had the potential to be an important catalyst for growth and creativity, enhancing India’s financial situation in a variety of ways. Promoting and protecting artistic traditions has drawn domestic as well as international visitors, enhancing the tourism industry and producing income. While GDP growth often correlates with higher living standards, higher GDP suggests more economic output, which leads to more job opportunities, higher salaries, and better access to products and services for the population. Over the last two decades, India’s economic development has been the second most rapid among major countries, and doubling its economy in the next seven years could necessitate other growth drivers such as infrastructure improvements and the advancement and upkeep of historic monuments that could boost the economy by generating jobs. At the same time, showcasing our classical music, dance forms like Bharatanatyam and Kathak, and various forms of painting and sculpture, could help in promoting and displaying these art forms internationally. This recognition may draw worldwide partnerships, investments, and collaborations, which would help in an improved, Indian economy ranking.
