Dream11 CEO highlights regulatory challenges for India's gaming industry
Harsh Jain, co-founder of Dream11 and chairman of the Internet and Mobile Association of India (IAMAI), has predicted that India will overtake China to become the world's largest gaming market by 2028. Despite having a user base of over 500 million gamers, India contributes less than 1% to global gaming revenue. Jain highlighted this disparity during his keynote address at the Indian Gaming Convention 2024 in New Delhi today.
Jain calls for regulatory clarity in gaming sector
Jain stressed on the need for regulatory clarity, especially in real-money gaming, which contributes a large chunk of total revenue. He called on industry stakeholders to work together instead of competing alone. "We need to build bridges and not barriers to unlock the potential of India's gaming sector," he said. The future of India's booming real-money gaming sector depends on comprehensive regulation, upcoming court verdicts on GST notices, state-level bans' constitutional validity, and these governments' role in regulating the sector.
Jain urges government for clear gaming regulations
In April 2023, the Ministry of Electronics and Information Technology (MeitY) brought gaming-related amendments to the IT Act, 2021. This allowed multiple self-regulatory organizations (SROs) to decide the permissibility of real-money games in India. However, the SRO plan was later reportedly abandoned by the ministry. Jain believes that clear regulations from the government would not only stabilize but also enable global best practices implementation in this sector.
Jain optimistic about future of India's gaming industry
Despite a drop in foreign direct investment (FDI) owing to regulatory uncertainties, Jain is optimistic about the sector's future. "From 2025 onwards, we'll see regulatory action that will unite the industry and revive foreign investment," he said. He credited India's gaming industry growth to improved internet and mobile infrastructure from companies like Jio, Airtel, and Vodafone. However, he admitted that monetizing this huge user base is still a challenge for developers.
Jain highlights potential of esports in India
Jain also highlighted the untapped potential of esports, where Indian gamers are starting to compete on an international level, even at the Olympics. "We can become one of the top esports nations globally but we need to define what qualifies as eSports and promote it extensively," he said. He also called on the industry to adopt responsible gaming policies and maintain high standards in advertising and user engagement.
