Union Minister of Petroleum and Pure Gasoline, Hardeep Singh Puri said that synthetic Intelligence just isn’t a risk to the content material creation financial system, alternatively, AI will assist to revolutionize the artistic financial system or the content material creating.
“AI just isn’t a risk. As a substitute, it presents an opportunity to decrease prices, increase income streams, attain a broader viewers, and entry beforehand unreachable markets” mentioned Puri.
The minister was talking on the launch of the ‘All India Initiative on Artistic Economic system (AIICE)’ occasion in Delhi on Friday which was organised by the Indian Chamber of Commerce in its one hundredth yr.
Nonetheless, the minister additionally acknowledged the challenges AI presents, significantly regarding misinformation, copyright, mental property, privateness, and market monopolisation. He emphasised the necessity for a sturdy regulatory framework to deal with these points successfully.
“The federal government is dedicated to designing and implementing insurance policies that may safeguard mental property and guarantee aggressive markets,” he said.
Puri additionally talked about that India is now the content material capital of the world with 100 million content material creators within the nation and the arrival of know-how and digital means are actually using 8 per cent of India’s inhabitants.
“The optimistic affect of the arrival of know-how and digital means through the years can be felt within the area of creativity whilst its dimension as a ‘sector’ has now grown to USD 30 billion and is liable for offering employment to eight per cent of India’s inhabitants. Actually, a report by Goldman Sachs in 2023, which estimates that the worldwide artistic financial system is about to double at USD 480 billion, signifies that India in the present day has 100 million content material creators making India the content material capital of the world” mentioned the minister.
Highlighting his affiliation with the United Nations Convention on Commerce and Improvement (UNCTAD), which has performed an essential function in selling the artistic financial system globally, he cited its ‘Artistic Economic system Outlook 2024’ report to stress that the artistic financial system generates annual revenues of over USD 2 trillion and accounts for almost 50 million jobs worldwide.
The minister additionally famous that with artistic exports rising by 20 per cent final yr alone, producing over USD 11 billion, the trade is anticipated to see exceptional progress within the coming years.
Puri said that an rising variety of Indians, particularly the youth, imagine artistic industries to be extra interesting whereas additionally providing profession safety. He burdened that this was an incentivising consider boosting our artistic exports.
He additionally acknowledged the function of Bollywood and different native movie industries within the artistic financial system of India, highlighting that Bollywood is considered one of India’s most well-recognised comfortable energy exports.
He mentioned, “we’ve got the biggest social media person base on this planet; among the fastest-growing social media networks discover their largest person base in India.”
The Minister additionally talked in regards to the vibrancy of city areas resulting in the flourishing of the artistic financial system additional. Highlighting the potential of content material creation and artistic financial system in Indian city areas, he mentioned that the artistic industries, which had been as soon as primarily based nearly completely in Tier-1 cities and thought of exclusionary for a lot of aspiring artistic artists, are actually flourishing in Tier-2 and Tier-3 cities.
A notable facet of this transformation is the function of Synthetic Intelligence (AI), Puri highlighted that “AI is more and more being utilised in newsrooms, with 41 per cent of reports groups using it to create illustrative artwork, 39 per cent for social media content material, and 38 per cent for writing and producing articles”.
Puri concluded by underscoring the significance of dialogue amongst trade stakeholders and the federal government to deal with these challenges and leverage the alternatives that numerous rising developments current. (ANI)
