As per a gazette notification issued earlier this week, the Ministry of Electronics & Information Technology (MeitY) has become the nodal ministry to govern the online gaming industry. This move clears the way for a policy on such online gaming, which is expected in the next two weeks.
The Internet and Mobile Association of India, the industry body representing consumer internet companies yesterday i.e. 30th December 2022 said. “that it was “best suited” to form a Self-Regulatory Organisation for online gaming.”
As per a gazette notification issued earlier this week, the Ministry of Electronics & Information Technology (MeitY) has become the nodal ministry to govern the online gaming industry. This move clears the way for a policy on such online gaming, which is expected in the next two weeks.
Dr. Subho Ray, President, IAMAI said, “Given our hands-on experience in running a Ministry of Information and Broadcasting mandated and registered SRO for Online Curated Content Companies and another industry-driven SRO with the support of the Ministry of Consumer Affairs for the EduTech Sector we are best suited to set up and manage the Online Gaming SRO. Also, given our wide range of membership in the online games of skill segment, we would be able to pull various types of skill-based online gaming firms into the SRO; reacting to the developments.”
Currently estimated at $2.2 billion, India’s online real-money gaming market is poised to reach a value of $7 billion by FY26, according to the All India Gaming Federation (AIGF), an industry body. The market’s current compound annual growth rate (CAGR) is about 27 percent, making it the fastest-growing segment in the $24-billion media & entertainment space.
