Sushree Mohanty
As per the reports generated by the Internet and Mobile Association of India (IAMAI) and Ikigai Law, titled ‘Unpacking a Billion Dollar Industry: Digital Sports & Games in India’, the Indian gaming market is estimated to be at $930 million and the business is anticipated to grow immensely greater than the music, film and media businesses put together
As per the report, the business can be a vital source for India’s advanced digital environment. This Report places in context the estimation of computerized games and sports for the general public and economy.
The study also emphatically proposes legal policies and strategies that can be a key for certain needed changes and could help yield the business’ actual potential.
According to the report there has been a rise in the interest in the Indian gaming industry and the industry. This industry managed to garner investments of roughly 900 million US Dollars in the time period between 2014 and 2020.
Marquee financial investors, for example, Sequoia and Softbank are key investors in Indian market, and the government too has additionally taken the initiative of implementing more resources into the area.
The Karnataka government has recently allotted Rs.20 crore and created a fund solely for the purpose of development of enhanced visualizations, animation and gaming.
Additionally, the report revealed that there has been a precarious ascent of Indian game engineers and developers in the past years. India has 275 game development organizations with more than 15000 game development engineers.
Around 5468 Indian game distributes are available on the Google Play Store offering 19518 games across different categories.
India is slowly becoming a worldwide talent centre for the gaming business. Internationally renowned studios like Electronic Arts, Ubisoft, Nvidia, and Zynga already have opened up their offices in India.
With projects such as ‘Atma Nirbhar Bharat‘ and ‘Make in India’ advancing each day, Indian game designers will bring back immense returns and help India take a lead position in the gaming market.
The Digital games industries and the sports agencies have opened various job positions in India with nearly 23,000 gaming-based employment opportunities in India. The salary for these posts range from 3 lakhs Rupees to over 40 lakhs Rupees in Indian Currency Rates.
Also a lot of job opportunities in the field of game plan, innovation, promoting, marketing deals, sales, information and investigation, etc have rapidly emerged. The business has additionally made auxiliary positions for live streamers, mentors, tutors, sport advisors, and therapists.
Since each industry requires a proper legal policy and strategy structure to develop and function, the gaming industry is not an exception. The report expresses that India’s gaming business faces questionable laws that are not adaptive to recent development.
While changes in state laws concerning Gambling makes it vulnerable, the failure of the law to address issues around tax assessment, innovation, intellectual property, and content pushes organizations to redo their business strategies.
Simultaneously, India is yet to zero in on the ability of its workers that can be adapted or fit into the gaming business as opposed to her international counterparts.
We are likewise falling behind in utilizing the capability of game technologies to help key financial areas. Thus, there is an urgent need for a well planned legal framework and strategy system in India for the area to prosper.