Earlier, Ms Michelle Guthrie, Managing Director, Asia Providence Fund, Hong Kong SAR and the moderator of the session raised the issue of corporatisation of creativity in India and the risk of losing creative element in the product.
Ms Ritu Beri, Fashion Designer, Ritu Beri Couture, said that fashion industry in India is very young in comparison to the western world. It is only 10-15 years old in India, whereas in the west it is 50-60 years old.
There is enough young talent in India at present and the fashion designing industry in India is bound to grow fast. She reminded that it is very important to retain the Indian element in fashion products from India to stand apart from the other brands.
Ms Roslyn Shaw, Executive Producer and Head, Branded Content, CNBC, United Kingdom, said that strength of India is local talent that is available in all segments of the creative industry.
Referring to the popularity of the Bollywood films outside India, she said that apart from NRIs, Europeans are also seeing and enjoying them.
But more Indian content should reach global consumers and accordingly creative industry should gear their strategies towards attracting more global customers. She informed the audience that Indian products enjoy a positive perception among the Europeans for their innovativeness and low cost.
All the discussants were of the opinion that for Indian creative industry to grow, it is important to understand the Indian consumer. More foreign investments are going to flow in to this sector in India, and this industry is bound to grow fast in the coming years.
Confederation of Indian Industry
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