India Gaming Conclave 2023: Gaming Market in India Expected to Grow by 27% Annually to $8.6 Billion by 2027

With a focus on digital entertainment and cutting-edge innovations, India's gaming industry is quickly growing to become the most prominent gaming hub in the world. Along with new game genres, increasing disposable incomes, and the availability of inexpensive internet and technologically advanced devices and smartphones at affordable price points, India's sizable youth population is driving the expansion of the gaming business. This served as the focal point for India Gaming Conclave 2023.

What is the expected growth rate of the gaming market in India?

According to the State of India Gaming study, the gaming market in India was estimated to be worth $2.6 billion in FY 2022 and is expected to grow by 27% annually to $8.6 billion by 2027. Prominent industry figures convened to discuss the path for the Indian gaming industry at the third edition of the Konnect Worldwide Business Media India Gaming Conclave 2023. The quick adoption of 5G, Cloud Gaming, Gamification, Popularity of Esports competitions, and Mobile Gaming Devices, among others, are fueling the next phase of growth for gaming in India, which was emphasised on the sidelines of the summit.

India's rapidly expanding gaming market has experienced impressive growth in recent years, making the country one of the largest gaming marketplaces in the world. India's gaming sector was highlighted as the next frontier for entertainment at the India Gaming Conclave, focusing on domestic and international trends and India's potential to disrupt worldwide business significantly. Industry leaders, innovators, OEMs, developers, gaming publishers, gamers, analysts, and influencers offered their thoughts, knowledge, and skills at the India Gaming Conclave 2023.

28 percent tax on the full face value of Online Gaming is imposed by the Union Minister. Nsitharaman: Exclusive Statement by Manav Sethi

Manav Sethi, Head Media Martech and Growth, VIDA, at the India Gaming Conclave 2023, exclusively spoke to PCQuest about the 28 percent tax on the full face value of Online Gaming imposed by the Union Minister N Sitharaman.

He stated, "There is a fundamental error in this application because a lot of money comes to the table, and the platform makes its own money. If you pay a TDS for your job, there is no point in paying a GST too". He believes there is a larger wisdom to the new taxation levied on the online Gaming platform. Here is his exclusive statement, which is undoubtedly practical and makes sense.

PCQuest spoke to Gaurav Agarwal, co-founder, Gamezop and Anuj Sidharth, Deputy Director, Marketing and Corporate Communications, of Mediatek. Stay tuned for exclusive interviews about the evolving Indian Gaming Industry.