For the best experience, open
on your mobile browser.

Gaming As a Pathway To Prosperity In Viksit Bharat

With 568 million gamers, Indian gaming sector is now the fourth largest segment in the country's media and entertainment landscape.
06:53 PM Apr 24, 2024 IST | News24 Desk
gaming as a pathway to prosperity in viksit bharat
Dr. Kirit P. Solanki on gaming in India

- Dr. Kirit P. Solanki, Member of Parliament, Lok Sabha

In a world where digital innovation is reshaping economies, India stands at the forefront of a burgeoning gaming revolution. With visionary leadership and strategic initiatives, Prime Minister Modi has catalyzed a seismic shift, inspiring millions to view gaming not just as entertainment but as a pathway to prosperity. His recent engagement with the country's top gamers serves as a testament to his forward-thinking vision for a new Bharat – the Viksit Bharat, a vision that has garnered international attention. Just recently, Angelos Delivorias, an expert from the European Parliament think tank, highlighted India's sustained economic growth over the past decade, noting that India's GDP surpassing that of China signifies its emergence as a formidable economic powerhouse on the global stage.

Recent Statistics Paint a Compelling Picture

The Indian gaming sector is now the fourth-largest segment in the country's vibrant Media & Entertainment landscape. With a projected growth of ₹388 billion at a staggering CAGR of 20.7%, the potential for economic prosperity is undeniable. India accounted for 16% of global game downloads in 2023 Notably, India's contribution accounted for a remarkable 16% of global game downloads in 2023, surpassing renowned counterparts like the US (7.4% share) and Brazil (7.6%). However, what truly sets India apart is its robust ecosystem, talent pool, conducive startup-friendly policies, and the unwavering support of the government. Under the visionary banner of 'Digital India' Prime Minister Modi has championed the cause of gamers, recognizing their potential as ambassadors of India's soft power on the global stage.

The Numbers Speak Volumes

Boasting a staggering 568 million gamers, India ranks second only to China in global gaming dominance. This burgeoning community is not merely a statistic but a vibrant tapestry of creators, streamers, and developers, driving innovation and fostering a sense of camaraderie.

The Growth Drivers

Central to this growth is the government's commitment to fostering an environment conducive to investment and innovation. With 100% Foreign Direct Investment (FDI) permitted in the gaming sector, India beckons foreign investors to join hands in shaping the future of gaming. The establishment of a task force on Animation, Visual Effects, Gaming, and Comics (AVGC) by the Ministry of Information and Broadcasting further underscores the government's commitment to harnessing the immense potential of this sector. This includes the creation of a National Centre of Excellence (COE) for the AVGC sector to establish international standards in skilling, education, industry development, and R&D and innovation within the AVGC sector. Moreover, the rise of gaming is not just an economic boon but a societal shift, fostering inclusivity and empowerment. With approximately 40% of gamers being women, India's gaming landscape is breaking barriers and redefining stereotypes.

The impact reverberates across sectors, catalyzing ancillary industries such as fintech, cloud services, and cybersecurity. As the gaming industry continues to soar, it presents a golden opportunity to drive FDI inflows, employment, and investments, propelling India towards a digital-first future. Interestingly, from FY20 to FY23, the sector witnessed a remarkable CAGR of 28%, underscoring its potential as a cornerstone of India's digital economy. With consistent investments totaling INR 22,931 crore and the promise of 250,000 job opportunities by 2025, the trajectory is clear: India's gaming industry is not just a trend but a transformative force. With the right policies and regulations in place, there is no doubt that India will come out as the frontrunner.

As India stands on the precipice of a digital revolution, the moment calls for seizing the opportunity and harnessing the power of gaming to propel the nation towards a future defined by innovation, inclusivity, and prosperity. With visionary leadership, unwavering support, and a vibrant gaming community, India is poised to leave an indelible mark on the global gaming landscape, shaping the digital narrative for generations to come.

(The views expressed by the author are personal in nature and do not represent the views of News24)

Tags :
tlbr_img1 World tlbr_img2 Trending tlbr_img3 Entertainment tlbr_img4 Video