New Delhi, February 01: The Union Budget was announced today in Parliament by the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman. Presenting a transformative roadmap for India’s education and skills ecosystem, the Finance Minister outlined key initiatives to promote the Orange Economy and strengthen the country’s creative industries.
Highlighting the rapid growth of India’s animation, visual effects, gaming and comics (AVGC) sector, the Finance Minister noted that the industry is projected to require nearly 2 million professionals by 2030. To support this expanding ecosystem, she proposed assistance to the Indian Institute of Creative Technologies, Mumbai, for setting up AVGC Content Creator Labs in 15,000 secondary schools and 500 colleges across the country. These labs are expected to unlock new creative career opportunities for youth.
The initiative marks a significant push towards building a future-ready workforce, strengthening India’s creative economy, and expanding opportunities for learners across the country.
Union Minister for Information & Broadcasting, Shri Ashwini Vaishnaw, addressing the media at Rail Bhawan today on the Union Budget announcements, said, “This is a duty-driven budget inspired by the power of youth and the strength of women”. He noted that Prime Minister Shri Narendra Modi has placed India’s creative economy on the global stage through WAVES. He added that IICT Mumbai, established on the lines of IITs and IIMs, will connect with 15,000 schools and 500 colleges through Creators’ Labs, creating 20 lakh new jobs.
The Economic Survey also noted that India’s media and entertainment (M&E) sector has emerged as a major pillar of the services economy, covering audio-visual production, broadcasting, digital content, animation, gaming, advertising and live entertainment. Over the past decade, the sector has shifted strongly towards digital and platform-based delivery, transforming revenue models, employment and value chains. Estimated at around ₹2.5 trillion in 2024, growth is driven by rising incomes, internet penetration, OTT expansion and AI-led innovation.
About Orange Economy
The “Orange Economy” refers to the part of the economy driven by creativity, culture and intellectual property, where value comes mainly from ideas, knowledge, artistic expression and cultural content rather than physical goods.
