Hardeep Singh Puri: AI Will Revolutionize India’s Creative Economy
New Delhi, August 24 – Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, stated that Artificial Intelligence (AI) is not a threat to the content creation economy. Instead, AI will help revolutionize it by lowering costs, expanding revenue streams, reaching a broader audience, and accessing previously unreachable markets.
Puri made these remarks at the launch of the ‘All India Initiative on Creative Economy (AIICE)’ event in Delhi, organized by the Indian Chamber of Commerce in its 100th year. He acknowledged the challenges AI presents, such as misinformation, copyright, intellectual property, privacy, and market monopolization, and emphasized the need for a robust regulatory framework to address these issues effectively.
He highlighted that India is now the content capital of the world with 100 million content creators, and technology and digital means are employing 8% of India’s population. The creative economy has grown to USD 30 billion and provides employment to 8% of the population. A report by Goldman Sachs in 2023 estimates that the global creative economy is set to double to USD 480 billion, with India playing a significant role.
Puri also cited the ‘Creative Economy Outlook 2024’ report by the United Nations Conference on Trade and Development (UNCTAD), which states that the creative economy generates annual revenues of over USD 2 trillion and accounts for nearly 50 million jobs worldwide. He noted that creative exports increased by 20% last year, generating over USD 11 billion, and the industry is expected to see remarkable growth in the coming years.
The minister emphasized the appeal and career security of creative industries, especially among the youth, and acknowledged the role of Bollywood and other local film industries in India’s creative economy. He highlighted that India has the largest social media user base in the world, with some of the fastest-growing social media networks finding their biggest user base in India.
Puri also discussed the vibrancy of urban spaces leading to the flourishing of the creative economy, noting that creative industries are now thriving in Tier-2 and Tier-3 cities. He pointed out that AI is increasingly being used in newsrooms, with 41% of news teams employing it for illustrative art, 39% for social media content, and 38% for writing and generating articles.
He concluded by underscoring the importance of dialogue among industry stakeholders and the government to address challenges and leverage opportunities presented by emerging developments.
Doubts Revealed
Hardeep Singh Puri -: Hardeep Singh Puri is a Union Minister in India. A Union Minister is a senior member of the government who is in charge of a specific department or ministry.
AI -: AI stands for Artificial Intelligence. It is a type of technology that allows machines to learn from experience and perform tasks that usually require human intelligence, like understanding language or recognizing images.
Creative Economy -: The creative economy includes industries like music, movies, art, and design. It involves people who create content and ideas that can be sold or shared.
All India Initiative on Creative Economy -: This is an event or program focused on improving and growing the creative industries in India. It brings together people to discuss and plan how to make the creative economy better.
100 million content creators -: Content creators are people who make videos, write blogs, create art, or produce any kind of content that can be shared online or offline. In India, there are about 100 million such people.
USD 30 billion -: USD stands for United States Dollar, which is a type of money. 30 billion USD means 30,000 million dollars, which is a very large amount of money.
Bollywood -: Bollywood is the name for the Hindi-language film industry based in Mumbai, India. It is one of the largest film industries in the world, known for its colorful and musical movies.
AI in newsrooms -: AI in newsrooms means using Artificial Intelligence to help journalists and news organizations. AI can help write articles, find news stories, and even check facts.
Misinformation -: Misinformation is false or incorrect information that is spread, often on purpose, to mislead people.
Privacy -: Privacy means keeping personal information safe and not sharing it without permission. It is important to protect people’s data from being misused.