Nishant Malhotra had the distinct honor of participating as an attendee in the exclusive thought leadership event, the G20 Mumbai Cultural Tracker, presented by FICCI, UNESCO, Teamwork Arts, and Avid Learning. This exceptional gathering convened in the vibrant metropolis of Mumbai, India. The event’s central theme, “Cultural Confluences: Empowering Creative Industries of the Future,” played a pivotal role within the framework of the Culture Working Group under India’s G20 Presidency. This conference attracted a distinguished assembly of leading subject matter experts, industry luminaries, policymakers, and cultural visionaries, all convened to explore both the present and future opportunities within the art and cultural ecosystem, with a particular emphasis on India. The discussions delved into a multidimensional and multifocal analysis of the prevailing opportunities within the cultural milieu. Moreover, it focused on policies and initiatives to better the prevailing cultural landscape imbibing the best business practices’ for a sustainable future.
As per UNESCO’s data, the cultural and creative industries stand out as one of the world’s fastest-growing sectors, contributing approximately 6.1 percent to the global economy. What’s even more promising is that globally, this sector employs more people aged between 15 to 29 years than any other sector, generating annual revenues of $2.25 trillion with about 30 million jobs. However, this figure is likely an underestimate, especially in developing nations, where a significant portion of this industry operates in the informal sector, making it challenging to fully grasp its overall impact. Furthermore, these industries generate positive externalities that enrich the global ecosystem, though quantifying these effects remains a complex endeavor. It’s important to note that externalities, often referred to as Third-Party Effects, encompass costs or benefits associated with entities not directly involved in producers’ and consumers’ transactions. These costs or benefits are often hidden or not accounted for by the producers of goods and are categorized as indirect costs. In the case of positive externalities, the marginal social cost of using a product or service exceeds the marginal private cost of producing it. Therefore, goods and services that generate positive externalities are typically subsidized to expand access to a broader audience. Example Museums. For a deeper understanding of this subject, consider exploring the online course on Microeconomics offered as part of The middle Road’s premium offerings. It provides valuable insights into the intricate world of economics, including concepts like externalities and their implications.