Indian gaming industry applauds PM Modi’s vision of global gaming capital
During the Parliament Budget session, Prime Minister Narendra Modi underscored India's gaming industry's rapid expansion, highlighting its potential to emerge as a global gaming hub. His statement was well-received by industry leaders, who view government support as a catalyst for the country's growing gaming ecosystem.
As per the India Games Market Reports Series by Niko Partners, the Indian video gaming sector is set to expand by 13.6% in 2024, with projected revenues reaching $943 million. By 2025, the industry is expected to surpass $1 billion, and by 2028, it is forecasted to grow to $1.4 billion, maintaining a five-year CAGR of 11.1%.
Sridhar Muppidi, Chairperson of the Game Developers Association of India, expressed enthusiasm about the government's support. "The Prime Minister’s vision of India becoming a global game development hub is truly inspiring. With sustained efforts, India has the potential to rank among the top three gaming markets within the next decade. This requires continued investment in talent development, incentives for international gaming firms to set up operations in India, and a restructured taxation framework for game marketing," he stated.
Prime Minister Modi’s Independence Day address last year also resonated with game developers. He emphasized India’s untapped potential in gaming, stating, “The gaming industry presents a vast market opportunity. However, much of the current production and revenue generation remains influenced by foreign companies. India, with its rich heritage and talented youth, can significantly contribute to this space.”
Industry leaders echoed Modi’s sentiment, recognizing his endorsement as a milestone for India’s gaming aspirations. Roby John, CEO & Co-Founder of SuperGaming, emphasized that India must transition from being a gaming consumer to a leading producer. “The Prime Minister’s vision validates India’s gaming potential. We anticipate further policy, infrastructure, and investment support to propel Indian game developers onto the global stage,” he noted.
Similarly, Chandrahas Panigrahi, Co-founder of Lets Game Now, highlighted the need for India to prioritize original content over reliance on foreign games. "The time to transition from consumer to creator is now. The Prime Minister’s vision is a wake-up call for policymakers and industry leaders to actively support homegrown game development, beyond just esports," he said.
Last year, Prime Minister Modi engaged with top Indian gamers and gaming content creators, trying his hand at VR, mobile, and PC/console games, further demonstrating his interest in the sector.
Ashish Srivastava, Co-Founder and COO of Glazer Games, emphasized India's strong foundation for becoming a global gaming leader. “India has the talent, digital infrastructure, and demand for local content to establish itself as a powerhouse in game development,” he asserted.
Rushindra Sinha, Co-founder and CEO of Global Esports, highlighted the increasing recognition of gaming as mainstream entertainment. "It's encouraging to see video games gaining media attention and acknowledgment. We believe gaming is the future of entertainment, and government recognition will be crucial in shaping the homegrown ecosystem," Sinha said.
Meanwhile, the Department for Promotion of Industry and Internal Trade (DPIIT) is working with various central departments to define skill-based and chance-based games. Additionally, DPIIT is expediting efforts to draft a 100% Foreign Direct Investment (FDI) policy for online gaming, a move that could significantly boost India’s gaming sector.
With strong government backing, evolving policies, and an increasing focus on local content, India is on the verge of becoming a dominant player in the global gaming industry.
Source: Storeboard 18