Pre-Budget Expectation Quote | Vyom Shah, Founder at Foodism
India is now the 5th largest world economy. In the past few years, with the advancements in the Digital India movement, which was launched in 2015, we saw the empowerment of common citizens. Post-pandemic and with the proliferation of internet access all across India, we have not only seen a remarkable increase in the number of content creators but also the consumption of content has increased. Many creators have converted their passion into sustainable careers with monetization opportunities. The creator economy in India is growing at a compound annual rate of 25%. Whereas the global social media market grew from $193.52 billion in 2022 to $231.1 billion in 2023 at a compound annual growth rate (CAGR) of 19.4%. Foodism is solving one such challenge by offering a platform for food content creators to share original content and monetise irrespective of the number of followers. We are democratizing storytelling and building a more equal creator economy, allowing food creators to earn from their side hustle. I hope Union Budget 2023 takes steps to understand the needs of the creator economy and come up with favorable policies to create a supportive ecosystem as this will be an important part of India’s growth story.