homevideos Newstechnology NewsInvestment influx and tax troubles: 2023 a rollercoaster year for India's online gaming industry
Investment influx and tax troubles: 2023 a rollercoaster year for India's online gaming industry
India's gaming community expanded significantly in 2023, boasting more than 42.5 crore gamers and securing the second-largest position globally, trailing only behind China. This robust growth propelled the industry to achieve a Compound Annual Growth Rate (CAGR) of 28% from FY20 to FY23, culminating in a market size of Rs 16,428 crore in FY23.
The online gaming industry in India witnessed a series of significant developments in the year 2023, marking it as a pivotal period. The ever-changing landscape of this sector has positioned it as a modern and promising industry with substantial economic growth potential.
The combination of widespread smartphone usage, improved internet connectivity, and a burgeoning youth population contributed to a thriving business environment.
As a result, India's gaming community expanded significantly, boasting more than 42.5 crore gamers and securing the second-largest position globally, trailing only behind China.
This robust growth propelled the industry to achieve a Compound Annual Growth Rate (CAGR) of 28% from FY20 to FY23, culminating in a market size of ₹16,428 crore in FY23.
Amidst this success, substantial investments flowed into the industry, attracting attention from the government. The surge in popularity led the government to take notice, prompting them to introduce taxation measures in the gaming sector.
CNBC-TV18's Timsy Jaipuria provides insights into how this decision has left the industry in a state of concern.
Watch the accompanying video for an in-depth analysis.
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