AI’s Role in the Creative Economy: Insights from Union Minister Hardeep Singh Puri
Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, has emphasized that artificial intelligence (AI) is not a threat to the content creation industry. Instead, he believes that AI has the potential to transform the creative economy. During the launch of the ‘All India Initiative on Creative Economy (AIICE)’ in New Delhi, Puri stated, “AI is not a threat. Instead, it offers a chance to lower costs, expand revenue streams, reach a broader audience, and access previously unreachable markets.”
The event was organized by the Indian Chamber of Commerce to mark its centenary. While discussing the opportunities presented by AI, Puri also acknowledged the accompanying challenges, particularly concerning misinformation, copyright, intellectual property rights, privacy, and the risk of market monopolization. He stressed the necessity of developing a robust regulatory framework to tackle these issues effectively. More information can be found in this [latest report on the oil and gas sector](https://www.latestly.com/agency-news/business-news-png-5-times-lpg-doubled-and-ethanol-blending-up-10-times-over-last-decade-hardeep-puri-6192759.html).
The Creative Economy: A Growth Catalyst
Puri pointed out that India is becoming the content capital of the world, boasting 100 million content creators. He noted that advancements in technology and digital platforms now employ approximately 8% of India’s workforce. According to a report by Goldman Sachs in 2023, the global creative economy is projected to double, reaching USD 480 billion, which further solidifies India’s role in this domain.
The Minister highlighted the significant and positive impact of technology on the creative sector, which has grown to a valuation of USD 30 billion. This sector now plays a crucial role in providing employment opportunities to a substantial portion of the Indian population. Puri referenced the ‘Creative Economy Outlook 2024’ report from the United Nations Conference on Trade and Development (UNCTAD), which estimates that the creative economy generates over USD 2 trillion annually and accounts for nearly 50 million jobs globally.
Challenges and Opportunities in Creative Exports
Puri also pointed out the growth in creative exports, which surged by 20% last year alone, contributing over USD 11 billion to the industry. This growth trajectory introduces significant prospects for the coming years, particularly as more young Indians view the creative industries as appealing career options that promise job security. He acknowledged the impact of Bollywood and other local film industries, noting that Bollywood is one of India’s most recognizable soft power exports.
With India boasting one of the largest social media user bases globally, Puri stated that this trend is facilitated by rapidly growing social media networks that find their largest audiences in India. He asserted that Indian urban spaces are thriving, contributing to a flourishing creative economy. Surprisingly, creative industries that once thrived in Tier-1 cities are now gaining momentum in Tier-2 and Tier-3 cities.
AI’s Impact on Newsrooms and Content Creation
Puri indicated that AI is already making inroads into the media sector, with statistics showing that 41% of news teams utilize AI to produce illustrative art, 39% for social media content, and 38% for writing articles. This underscores the growing integration of AI tools across various creative platforms.
The Minister concluded by calling for enhanced dialogue among industry stakeholders and government entities. Such collaboration is essential to navigate the challenges posed by AI while seizing emerging opportunities presented by technological advancements.
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