Before the final election results came in and Narendra Modi won, he met with representatives of the Indian gaming community. According to Modi, video games and gambling are not the same thing. Moreover, video games, in his opinion, can be beneficial for the country's economy.
Experts do not agree with Modi on this issue. The growth of IN online gambling is already an established fact. In India, millions of players enjoy top Gamblorium slots, bet on cricket, and participate in poker tournaments! Therefore, many experts argue that iGaming regulation will generate significant tax revenue, create jobs, and stimulate economic growth. Besides, there is one more important thing. Nodar Giorgadze says that the responsible practice and measures will mitigate the potential harm associated with addiction.
Communicating with young people, he said that he does not consider e-sports and professional gaming to be a destructive passion akin to gambling and does not see the need to introduce regulation in this area. Sounds smart and progressive, but does it reflect the reality of the Indian video game market? Besides, which consequences should India expect for investing in the sector?
How & Why Did This Meeting Take Place?
Narendra Modi's interest in influencers and gamers is no coincidence. 18.5 million voters are young people - those who have just turned 18-19 years old. Naturally, Modi's interest in such progressive issues can be beneficial. The meeting took place at Modi's residence in March 2024. Modi was visited by professional e-sportsmen Tirth Mehta and Naman Mathur, known as MortaL, streamers Animesh Agarwal and Anshu Bisht, influencers Mithilesh Patankar, Ganesh Gandathar, and Payal Dhare.
During the meeting, the prime minister tried out the platformer from the Indian studio Raji: An Ancient Epic, as well as the game Stumble Guys. Narendra Modi also played the rhythm game Beat Saber, for which the official needed a virtual reality helmet. Besides, Modi chatted with influencers and asked them about their career choices. As a result, he said that the IN video games market does not need any additional restrictions.
IN Games Studios & Projects
The Indian video game market is quite diverse. Zupee is one of the most successful industry developers. In 2018, it released Snakes & Ladders, Trump Card, and Cricket Baaz. The company's revenue for 2023 reached $100 million. The games attract players with the chance of winning money. The next example is Juego Studio. It produces high-quality and diverse gaming content - the portfolio features dozens of games, including educational ones for children. In the fiscal year ending March 31, 2023, it generated revenue of just $3.36 million.
We should also mention Raji from the Nodding Heads Games. Modi played it at a meeting with influencers. This is a stylish historical epic. 30 developers worked on its creation and finally announced its release in 2020. The game became popular and collected several awards, including the 2021 Taipei Game Awards Grand Prix.
What About Mobile Video Game Fans?
The Indian mobile gaming market is currently the fastest-growing in the world. In 2023, the total revenue of the country's video game studios reached $3.1 billion, and by 2028 it could double. In 2023, 144 million Indians played video games - in 2028, there will be 240 million. You may be surprised - it is growing largely due to women. Three years ago they made up only a fifth of the entire gaming community, now they make up 40%. Besides, experts expect a significant increase in the number of cyber sportsmen. Currently, 500 people are professionally involved in video games, and by 2028, their number could grow 2.5 times.
In terms of game downloads, India is the world leader with 9.5 million downloads in 2023. The Indian video game market consists of 1.4 thousand companies. About 500 of them are development studios, their total staff is 15 thousand people. Thus, within ten years, 250,000+ new jobs may appear in the industry. Meanwhile, the local market may attract foreign companies. Naturally, the market, which promises to grow by almost 30% per year, is attractive for investment.
IN Video Games & Related Challengers
This year 692 million IN Internet users have become anxious about their web security. The time an average Indian spends on online apps has increased by a third since 2019, approaching 5 hours a day. In 2023, the Finance Committee of the Indian Parliament began studying the threats posed by online leisure. They concluded that online betting could entail money laundering schemes. In 2023, offshore gaming organizations received $100 billion from India, an increase of 20% over the past 3 years. According to officials, this way, India loses $45 billion in taxes annually. The situation for video game developers and publishers is complicated by the fact that the law does not spell out the differences between video games and online casinos.
The reason for India's gambling problems, according to experts, is high levels of poverty. IN residents treat iGaming as an additional income source. Some Indian states tried to ban online gaming on their territory, but they were ineffective. In January 2024, the Finance Committee of Parliament proposed creating a specialized regulatory body in India. Besides, the Ministry of Electronics and Information Technology of India developed draft rules for video games. The elections are over and Modi has entered his third term. So, video game fans are expecting some changes.