Unlocking the Potential: Transforming India's Nascent Concert Economy

The Economic Survey highlights India's concert economy, hampered by a lack of live venues and foreign payment restrictions. Proposed solutions include opening heritage sites and streamlining permissions. Successfully integrated, the segment could drive growth in the media, tourism, and allied sectors, fueled by changing demographics and digital advancements.

The Economic Survey, tabled by Finance Minister Nirmala Sitharaman in Parliament, has pinpointed significant obstacles impeding the growth of India's concert economy. A shortage of live event venues and restrictions on foreign payments to artists are cited as major roadblocks.

The Survey suggests innovative solutions, such as utilizing heritage sites for events and simplifying visa and foreign exchange permissions for international artists. It posits that these measures could stimulate considerable growth within the media and entertainment sectors, tourism, and allied services.

Highlighting international benchmarks, the document underscores the economic impact of live music, which accounts for up to one-third of music revenues in countries like the US and UK. There, live events contribute significantly to GDP and employment, showcasing their potential as key economic drivers in India.

(With inputs from agencies.)