Union Minister Hardeep Puri: AI to Revolutionize Creative Economy, Not Threaten It

Union Minister Hardeep Singh Puri assures that AI will revolutionize the creative economy, reducing costs and expanding reach, while addressing regulatory challenges. Speaking at AIICE event in Delhi, he emphasized India's role as a global content hub, bolstered by significant contributions from Bollywood and digital platforms.

Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, declared that artificial intelligence (AI) poses no threat to the content creation economy. Instead, AI is expected to revolutionize the creative economy by lowering costs, expanding revenue streams, reaching wider audiences, and accessing previously untapped markets, Puri stated.

During the launch of the 'All India Initiative on Creative Economy (AIICE)' event in Delhi, organized by the Indian Chamber of Commerce to mark its 100th year, Puri acknowledged the challenges AI presents, particularly in misinformation, copyright, intellectual property, privacy, and market monopolization. He stressed the need for a robust regulatory framework to effectively address these issues.

"The government is committed to designing and implementing policies that will safeguard intellectual property and ensure competitive markets," Puri said. He also highlighted India's prominence as the content capital of the world, with 100 million content creators and 8 per cent of the population employed in the creative sector. He pointed out that the creative economy has grown to USD 30 billion, generating significant employment. A 2023 Goldman Sachs report estimates that the global creative economy will double to USD 480 billion, indicating India's key role in this growth.

Puri noted notable growth in creative exports, which increased by 20 per cent last year, generating over USD 11 billion. He attributed this to an increasing number of young Indians finding the creative industry appealing and secure. Bollywood and other local film industries significantly contribute to India's creative economy, with Bollywood being one of the nation's most recognized soft power exports. India's vast social media user base further supports this phenomenon.

He emphasized the proliferation of the creative economy in urban spaces, noting that it is now thriving in Tier-2 and Tier-3 cities, owing to technological advancements and AI integration. AI is making significant inroads in newsrooms, aiding in creating illustrative art (41%), social media content (39%), and generating articles (38%).

Puri concluded by stressing the importance of continuous dialogue between industry stakeholders and the government to tackle emerging challenges and leverage new opportunities. (ANI)

(With inputs from agencies.)