Indian government expresses optimism on online gaming industry

The country’s IT Minister claims that the Indian government is upbeat about the online gaming industry, with Prime Minister Narendra Modi highlighting its importance to the digital economy and advocating for its expansion and support.

Rajeev Chandrasekhar, Union Minister of State for IT, reportedly told the Economic Times that after the government begins its third term after the general elections in 2024, it would look at allowing safe and reliable gaming activities.

He said that the public’s perception of the industry is distorted by the proliferation of undesirable aspects like real-money gambling and money laundering. Therefore, they are progressively creating a regulatory framework. The minister urged all business owners to maintain optimism.

He responded to the current Paytm issue by saying that sectoral regulators in India will be vigilant and take measures to stop businesses from going beyond the law in their pursuit of growth.

Chandrasekhar stressed that it is important to understand the need to abide by rules and regulations, even for highly motivated and accomplished innovators. This holds true for companies of all sizes, including local, national, and startup enterprises.

The decision to impose a 28% tax on the whole face value of online gaming will be reviewed by the Goods and Services Tax (GST) Council, according to India’s revenue secretary, Sanjay Malhotra, but only after March 31.

Original story by: Asia Gaming Brief