Foreign investors looking to enter the lucrative Indian online gaming market may soon have a free pass, as the government is likely to exempt them from certain regulations in order to boost investments in the sector.
According to sources familiar with the matter, the Department for Promotion of Industry and Internal Trade (DPIIT) is considering exempting foreign investors from certain regulations that currently apply to the online gaming industry. This move is aimed at attracting more foreign investment into the sector, which has seen significant growth in recent years.
The online gaming industry in India has witnessed explosive growth in recent years, with the sector estimated to be worth over $1.2 billion. With a large and growing young population, the country is a hotbed for online gaming companies looking to tap into this market.
However, foreign investors looking to enter the Indian market have faced regulatory hurdles in the past. The current regulations require foreign investors to seek prior approval from the government before investing in the online gaming sector. This process can be time-consuming and cumbersome, deterring potential investors from entering the market.
By exempting foreign investors from these regulations, the government hopes to streamline the investment process and make it easier for foreign companies to set up operations in India. This move is also expected to attract more foreign investment into the sector, which is seen as a key driver of economic growth in the country.
Industry experts believe that exempting foreign investors from regulations will help boost innovation and create more job opportunities in the online gaming sector. With the government’s focus on promoting digital entrepreneurship and innovation, this move is seen as a positive step towards achieving these goals.
While the proposal is still being finalized, it is expected to be implemented in the near future. Industry stakeholders have welcomed the move, saying that it will help unlock the potential of the online gaming sector and attract more investments into the country.
With the global online gaming market set to reach $196 billion by 2022, India has a huge opportunity to capitalize on this growing trend. By exempting foreign investors from certain regulations, the government is paving the way for the country to become a major player in the online gaming industry.
As the online gaming sector continues to grow and evolve, it is likely that more regulatory changes will be needed to support its development. With the government’s proactive stance on attracting foreign investments, the Indian online gaming industry is poised for a bright future ahead.
