The 15th edition of India Game Developer Conference (IGDC) in Hyderabad concluded on November 4. It witnessed over 4000 gaming enthusiasts, developers and industry experts in attendance over the three days.
The visitors were able to experience a host of mini-events and activities apart from the 125 sessions that included panel discussions, talks, workshops across gaming technology, design and production by over 200 industry experts from over 20 countries.
Several industry stakeholders from industry bodies like Invest India, Start-up India, AIGDF, Primus Partners and MESC were also present across various round-table discussions between the government and industry policymakers.
Some of the biggest game development studios across the world like Unity, Unreal Engine, Google and Xbox had their representatives attending a special session for aspiring developers. All in all, it appears the IGDC 2023 was a success which enabled experts as well as aspiring game developers to gain knowledge and insights of the gaming industry.
The state of the gaming industry
A revised report from Lumikai has estimated that the Indian gaming market will reach $7.5 billion in revenue by FY28, down from $8.6 billion in FY27. The reason is pinned down to the recent GST rate changes.
The new 28% GST rate for online gaming came as a huge roadblock for many gaming firms. While the new tax rate is only applicable for online real money gaming, it is important to note that before the new GST rate implementation, the online real money gaming sector was the biggest contributor to the overall gaming industry growth.
While there will be an increase in the number of gamers and gaming firms moving forward, the estimated revenue may not rise at the expected rate when the old GST rate was in force. The government, however, has assured that it will review the new GST rate after six months from implementation date. The industry hopes that there will be some changes when it happens.