Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, has expressed that artificial intelligence isn’t a threat to the content creation industry. Instead, he believes AI will transform and enhance the creative economy by revolutionizing how content is produced.
The minister spoke at the launch of the ‘All India Initiative on Creative Economy (AIICE)’ event in Delhi on Friday. This event was organized by the Indian Chamber of Commerce as part of its centennial celebrations.
The minister also recognized the challenges that AI poses, especially regarding misinformation, copyright, intellectual property, privacy, and market monopolization. He stressed the importance of establishing a strong regulatory framework to tackle these issues effectively.
Puri highlighted that India has become the content capital of the world, boasting 100 million content creators. He also noted that technological advancements and digital means of working now employ 8 percent of the country’s population.
He pointed out his connection with the United Nations Conference on Trade and Development (UNCTAD), which has significantly contributed to the global promotion of the creative economy. Referring to UNCTAD’s ‘Creative Economy Outlook 2024’ report, he highlighted that the creative economy generates more than USD 2 trillion in annual revenues and provides nearly 50 million jobs around the world.
The minister also pointed out that creative exports surged by 20 percent last year, bringing in over USD 11 billion, and predicted significant growth for the industry in the near future. He mentioned that more Indians, particularly young people, find creative industries attractive and secure career-wise, which is helping to boost creative exports.
Additionally, he recognized the impact of Bollywood and other regional film industries on India’s creative economy, noting that Bollywood is a prominent example of India’s soft power on the global stage.
The Minister also discussed how the lively nature of urban areas is contributing to the growth of the creative economy. He pointed out that content creation and creative industries, which used to be predominantly centered in Tier-1 cities and often felt inaccessible to many aspiring artists, are now thriving in Tier-2 and Tier-3 cities as well.
A significant part of this change is the use of Artificial Intelligence (AI), Puri noted. He highlighted that AI is becoming more common in newsrooms, with 41 percent of news teams using it for creating illustrative art, 39 percent for social media content, and 38 percent for writing and generating articles.
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