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Gaming industry: Is India’s gaming industry ready to take off and create jobs for Gen Z?

Gaming industry: Is India's gaming industry ready to take off and create jobs for Gen Z?

Worried Indian parents across all segments have generally asked their children not to play video games – but that was until the Covid-19 pandemic hit two years ago. It was then considered nothing less than a taboo. But recently, when the Karnataka High Court struck down amendments to the Karnataka Police (Amendment) Act 2021, aimed at prohibiting and criminalizing participation in online gambling, it was a major relief for the industry. of the country’s $930 million game.

All India Gaming Federation (AIGF) Chief Executive Roland Landers said the ruling by the Karnataka High Court is a step in the right direction. “We look forward to working with government and stakeholders to develop a clear regulatory framework – that will allow legitimate gaming companies to operate in the state with safeguards, while eradicating illegal gaming apps from the state. “, he added.

The pandemic, resulting in several lockdowns and restrictions, has changed the landscape of the gambling industry in India, which is now one of the market leaders in the world. Internet penetration in India is estimated at 30%.

The gaming industry is now considered an important pillar of the economy. This upcoming sector could create thousands of jobs in the country. Several gaming startups are expected to bolster their hiring plans to support growth over the next few years.

India has over 560 million internet users, making it the second largest internet consumer.

In India, mobile phone users make up 85% of the industry, followed by PC users at 11% and tablet users at just 4%.

The World Economic Forum (WEF) said mobile is the main vehicle for the gaming market in India, with access to affordable smartphones growing by 15% year-on-year over the past five years. In addition, the penetration of 4G high-speed Internet, supported by the lowest data rates in the world, has been a major contributor.

Invest India has published a survey conducted by an AdTech company which revealed that nearly 45% of Indian mobile users started playing games on their smartphones during the pandemic.

It is no wonder that Finance Minister Nirmala Sitharaman, during the presentation of the Union budget this year, announced the creation of a new task force which will examine ways to strengthen national capacities and also to meet global demand in the animation, visual effects, games and comics (AVGC) sector.

“It is uplifting to see that the Union budget has reflected on some of the ideas ahead for the animation, visual effects and AVGC sector, while noting the strong potential of this industry to creating jobs, just like ‘Make in India’ game titles around the world,” said Sai Srinivas, co-founder and CEO of Mobile Premium League.

A report by KPMG indicates that the number of online gamers in India has grown from nearly 250 million gamers in 2018 to around 400 million by mid-2020. Growing steadily over the past five years, its value is expected to triple and reach $3.9 billion by 2025. .

At present, there are over 400 game companies in India including Infosys Limited, Hyperlink InfoSystem, Fgfactory, Zensar Technologies among others.

The rise of gaming stems from a growing need for virtual entertainment with friends, family and peer groups, coupled with the rise in influencers encouraging Indians to play more games, the WEF noted. .

So is it time to shed inhibitions and seize opportunities with a head start?