New Delhi: According to Union Petroleum Minister Hardeep Singh Puri, India’s creative sector today generates $30 billion in revenue and employs approximately 8% of the country’s workforce.
Brimming with optimism, Minister Puri emphasised that with creative exports increasing by 20 percent last year alone, generating over $11 billion, “the industry is poised for remarkable growth in the coming years.”
The Union Minister, speaking at the launch of the All India Initiative on Creative Economy (AIICE) in the national capital, lauded the Indian Chamber of Commerce (ICC) for conceptualising a forum where creative industries could collaborate on various matters related to the sector.
According to the minister, a rising percentage of Indians, particularly young people, believe creative sectors are desirable and provide professional stability.
He emphasised that this was an incentive to increase (India’s) creative exports, acknowledging the significant role of Bollywood and other local film industries in India’s creative economy.
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“India has become the ‘Content Capital of the World’. In 2023, there were more than 100 million content creators in India,” the minister informed.
The minister went on to say that the country has the world’s largest social media user base and is also home to some of the fastest-growing social media networks.
AI is increasingly being used in newsrooms, with 41% of teams using it to create visual art, such as infographics and data visualisations, 39% for social media material, like automated posts and trend analysis, and 38% for writing and producing stories.
“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,” said the minister, emphasising the need for a robust regulatory framework around AI.
Minister Puri emphasised his affiliation with the United Nations Conference on Trade and Development (UNCTAD), citing its ‘Creative Economy Outlook 2024’ study. The study states that the creative economy produces yearly revenues of more than $2 trillion and employs approximately 50 million people worldwide.
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–IANS
