The government on Wednesday informed Parliament that it is working to evolve a possible regulatory roadmap to promote online gaming business in India.
Minister Rajeev Chandrasekhar said his ministry has been interacting with the online gaming platforms and other stakeholders to evolve possible roadmap of regulation so as to promote ease of doing business and to provide suitable eco-system for the indigenous platforms. He was responding to queries from Aparjita Sarangi, BJP Lok Sabha member from Bhubaneswar.
Noting that the sector had the potential to become the torchbearer of “Create in India” and “Brand India”, the Minister said that online gaming as an industry is evolving and has expanded across horizons.
“In pursuance of the announcement made in the Union Budget 2022-23 and to further unleash the scope of AVGC sector, an Animation, Visual Effects, Gaming and Comics (AVGC) Promotion Task Force has been constituted on April 8, 2022, to promote the AVGC Sector,’ he added.
The terms of reference of the AVGC promotion task force set up in April include facilitation of skilling initiatives, promotion and market development activities to extend global reach of Indian AVGC industry, boosting of employment opportunities and incentives to attract foreign direct investment (FDI) in the AVGC Sector to make India a favourite destination for ease of doing business.
India has the second largest segment of online gamers in the world after China. The mobile gaming market in India is projected to hit a $5 billion opportunity by 2025 from the current $1.5 billion, according to a recent Sequoia India and Boston Consulting Group report.