Hardeep Singh Puri Launches AIICE; Highlights India's Role as Global Content Hub

Shri Puri noted that AI is increasingly being used in newsrooms for creating illustrative art, social media content, and even writing articles.

At the launch of the ‘All India Initiative on Creative Economy (AIICE)’ today, Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas, lauded the Indian Chamber of Commerce for creating a platform where India's creative industries can collaborate and advance the nation's creative economy.

Drawing from his experience with the United Nations Conference on Trade and Development (UNCTAD), Shri Puri referenced its ‘Creative Economy Outlook 2024’ report, noting that the global creative economy generates over $2 trillion annually and supports nearly 50 million jobs worldwide.

In India, Shri Puri emphasized that the creative industry has grown into a $30 billion sector, employing nearly 8% of the workforce. With creative exports rising by 20% last year, bringing in over $11 billion, the industry is poised for significant growth in the coming years. He also pointed out the increasing appeal of creative industries to India's youth, which has further driven export growth.

Shri Puri praised Bollywood and regional film industries as vital contributors to India's creative economy and recognized their role as key elements of India's global soft power. He highlighted that India has become the 'Content Capital of the World,' with over 100 million content creators in 2023. The country also boasts the largest social media user base globally, with rapidly growing platforms finding their largest audiences in India.

The Minister discussed how the vibrancy of urban spaces has fueled the creative economy, with content creation and other creative industries now flourishing in Tier-2 and Tier-3 cities, breaking away from their previous concentration in Tier-1 cities. He emphasized the transformative impact of digitalisation and digitisation, particularly the role of Artificial Intelligence (AI) in revolutionizing creative sectors. Shri Puri noted that AI is increasingly being used in newsrooms for creating illustrative art, social media content, and even writing articles.

Addressing concerns about AI as a potential threat to creative professionals, Shri Puri reassured the audience that AI offers significant opportunities for reducing costs, expanding revenue streams, and reaching broader markets. However, he also acknowledged the challenges AI presents, such as misinformation, copyright, intellectual property, privacy, and market monopolization, stressing the need for a robust regulatory framework.

Shri Puri concluded by emphasizing the importance of ongoing dialogue between industry stakeholders and the government to navigate these challenges and capitalize on emerging opportunities. He affirmed that the AIICE is the perfect forum to drive these conversations forward, with the promise that "the best is yet to come" for India's creative economy.