India’s Booming Online Gaming Sector Sees Government Support Improve Prospects Further
Even without much consideration and policy support, desi gaming companies have seized their opportunities in the past few years, nurturing the domestic market toward maturity. Early but consistent signs of Government support can open a new chapter for India’s gaming and tech startups, experts agree.
Gaming Industry Seizes Market Trends
The tech industry around the Union has been buzzing recently, after repeated indications that the Centre is planning to finance and support a growing number of digital segments. At the e4m GameOn Summit, panelists representing some of the industry leading stakeholders – gaming industry associations, digital entertainment studios, tech startups and media experts – spoke on some of these developments and the industry’s prospects.
The post-pandemic reality largely speeded up the usage, adoption and monetization of online and mobile services, particularly digital entertainment and online gaming. The latter segment outperformed almost all traditional media in its growth, despite and maybe even because of a firm policy on paid online gaming.
The market has come to an important stage in its growth, however, and needs better understanding and a clearer regulatory framework, summit analysts pointed out. The Union government also needs to improve the digitization of many public services, digital infrastructure and even popular government gaming products such as the Assam lottery online.
The good news is that the Ministry of Information and Broadcasting has designated an expert committee to formulate a longer-term policy for the Animation, Visual Effects, Gaming and Comics sector (AVGC). The finance minister also spoke recently on the RBI’s intent to introduce a digital rupee and the government’s plans to tax crypto asset earnings in line with real-money game winnings. Recognizing the importance of all these tech segments points to a proactive stance assumed by authorities but much has yet to be done.
In the past couple of years, the popularity of online games in India has expanded the market to an unprecedented size and global visibility. Currently valued at over $2 billion, the sector is expected to more than triple by 2025. With over 430 million active online gamers, India is responsible for over 17% of the world’s gaming app downloads.
A number of gaming studios have seen repeated funding rounds by domestic and foreign investors. Some have been simply bought over by global gaming giants. With over 100 million real-money gamers, the market enjoys a rising attractiveness, while India’s efficient fintech solutions have led to over 40% of all monetary transactions being digital.
Ambitious Regulation Is Indispensable
Industry experts expect this growth to continue for the foreseeable future. Adding up to 10 million players a month to the expanding gamer base, India needs to make sure such engagement levels are channeled to legitimate operators, licensed locally. These are in constant competition with unregulated black market gaming platforms and authorities need to think about protecting both businesses and consumers.
Ultimately, most gaming industry exponents have expressed their satisfaction by the recent trends. The gaming market is ready to enter a new chapter in its development, this time with government support and possibly a well-calibrated regulation as a long-term policy.
Gaming stakeholders have voiced their desire to support policymakers in turn, helping build a robust and efficient legal framework. All panelists agreed that the government can and should play a bigger role in helping the industry grow. Such an approach can provide more opportunities for tech enterprises. More importantly, it can lead to a meaningful responsible gaming policy for India’s passionate gamers.
Join our Telegram, facebook page and Twitter for every update
- Sachin Vaze pattern being implemented in Solapur, alleges RTI activist; police reject allegations
- Notorious criminal detained for one year at Aurangabad jail; CP Amitabh Gupta acts against 61 persons under MPDA Act in 1 year
- Hemant Rasne files petition in Bombay High Court against PMC
- Bombay HC provides relief to Union Minister Narayan Rane
- PMC’s Rs 15 cr frozen for polluting Ujani water
Comments are closed.