PM Modi urges India's gaming talent to lead globally
India, with 442 million gamers, is the second-largest gaming market in the world, just behind China. However, the country’s esports ecosystem still lacks major titles. The gaming sector in India is currently valued at about $3.1 billion.
Prime Minister Narendra Modi quoted following during his Independence Day Speech
"I am seeing a big market that has come up in the field of gaming, but even today, the gaming world has a big foreign impact in terms of producing the games and earning revenues. India has a big heritage in the area and we can bring lots of new talent to the world of gaming”
Anuraag Saxena, the CEO of the E-Gaming Federation (EGF), notes that India accounts for about 40 percent of the world's games but captures less than 1 percent of global gaming revenues.
"We need to strengthen our foundation in talent and skills. Skilling is a key component of India's AVGC policy. Leading institutions like IIMs and IITs should now focus on curriculums and teaching methods that are geared towards future skills, rather than outdated ones," he said.
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"Boosted by the pandemic and an expanding user base, the global gaming industry is expected to reach USD 665.77 billion in the next five years, with India accounting for USD 8.92 billion. This industry shows strong growth potential, leading to a rise in early-stage startups. Indian gaming companies have raised USD 2.8 billion (3% of total startup funding in India) in the last five years, highlighting significant growth potential. Since 2021, the industry has seen over six strategic exits worth USD 775 million, three unicorns, and a public listing oversubscribed 175x with an 80% listing gain." according to Grant Thornton Bharat and The E-Gaming Federation report.
Another reason the gaming sector was highlighted in the Prime Minister's speech is its potential for job creation. With approximately 15,000 game developers and programmers in the country, the industry plays a crucial role in generating employment. As the sector continues to grow, its impact on the job market is likely to expand even further, making it an increasingly important contributor to India's economy.
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