Indian online gaming sector recorded a CAGR growth of 97.56% in employment sector for 2018-23, shows EGROW and Primus Partners report – Brand Wagon News

Indian online gaming sector recorded a CAGR growth of 97.56% in employment sector for 2018-23, shows EGROW and Primus Partners report – Brand Wagon News

The Foundation for Economic Growth and Welfare (EGROW Foundation), a public policy organisation, in collaboration with Primus Partners, a consulting firm, today announced the release of their new research report titled ‘India’s Booming Online Gaming Industry: A Potential Powerhouse’. The report highlights the exponential growth and potential of India’s online gaming sector and its contribution to the AVGC (Animation, Visual Effects, Gaming and Comics) industry, which is expected to grow by 68% by 2026.

“The Indian Online Gaming Industry is an important contribution to our economy and a vital source of employment and innovation. With 455 million gamers by 2023, India has the second largest gaming community in the world after China. This thriving industry offers significant opportunities to attract FDI, create employment across sectors and increase investments. It is also expected to boost related industries such as fintech, cloud services, data analytics and cybersecurity,” Charan Singh, CEO and Founder/Director of EGROW Foundation, said.

The findings of the study indicate that the online gaming industry is poised to emerge as one of the major employment generating sectors in the coming years. The number of employees in the online gaming industry has grown at a CAGR of 97.5% from 2018 to 2023, with a CAGR of 69.88% among the male workforce and an impressive CAGR of 103.15% among the female workforce. The continued growth across gender lines indicates the increasing appeal of the industry and its potential to create further economic opportunities in the Indian labour market..

“Overall, the Indian online gaming industry offers a vibrant and promising landscape, full of potential for economic growth and employment. However, navigating the recent changes in the GST “The framework will be crucial for online gaming platforms to maintain their growth trajectory,” said Nilaya Varma, co-founder and CEO of Primus Partners.

During the survey, the surveyed companies highlighted several key issues that are hampering the growth of the online gaming sector. The most prominent was the regulatory uncertainty in the sector, exacerbated by delays in setting up self-regulatory bodies under the IT rules, which is negatively impacting business operations and allowing offshore operators to gain market share. Also, the retrospective tax measures totaling INR 1.2 lakh crore spent on gaming companies threaten to undermine economic value and potentially devastate the industry.

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