India’s $30 Billion Creative Industry: Employing 8% of the Workforce, Says Hardeep Puri

India’s $30 Billion Creative Industry: Employing 8% of the Workforce, Says Hardeep Puri

Union Petroleum Minister Hardeep Singh Puri said that the Creative Industry had been computed to 30 billion dollars in valuation and through the employment opportunities it generates, has absorbed human resources of nearly 8 per cent in the country.

“India’s creative industry now worth USD 30 bln, employs nearly 8% of total workforce,” said Minister Hardeep Singh Puri while addressing the launch of ‘All India Initiative on Creative Economy’ (AIICE) in New Delhi.

He highlighted the fact that creative exports had increased by 20% in the past year to over $11 billion. An indication that the industry will continue to expand remarkably in coming years, he said. Puri expressed appreciation for ICC’s effort towards setting up a platform where all concerned people in the creative industry come and collaborate.

According to Puri, more and more Indians, particularly the youth, were showing interest in developing careers in the creative field. The shift nudges growth in creative exports, with a significant contribution from even regional film industries like Bollywood to India’s creative economy.

“India has emerged as the ‘Content Capital of the World’,” said Mr. Puri. India had over 100 million active content creators in 2023, while there is also a biggest pool of social media users globally, which can be attributed to rapid traction for every social media platform.

Artificial intelligence is being integrated more and more in newsrooms, with 41% of news teams using it for creating illustrative art, 39% for social media content, and 38% for writing and generating articles.

Puri underlined that AI was not a menace, but an opportunity to decrease costs, diversify revenue streams, and access new markets. He called for robust regulatory to guide the use of AI.

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According to the UNCTAD’s report Creative Economy Outlook 2024, it is estimated that the global creative economy values more than $2 trillion in revenues per annum and accounts for almost 50 million jobs worldwide.