Although India is on track to overtake China in terms of the number of gamers (668 million), it cannot become the world’s largest gaming market with its minute share of global revenues, according to Dream11 founder Harsh Jain.
Jain called for better policy frameworks and regulatory clarity to unlock the potential of India’s gaming sector, in the next 5 years
Although India is on track to overtake China in terms of the number of gamers (668 million), it cannot become the world’s largest gaming market with its minute share of global revenues, according to Dream11 founder Harsh Jain.
“We cannot be the world’s largest gaming market in five years with one of the smallest shares in global revenue. These two things don’t work together, we need to build bridges and not barriers,” said Jain, the chief executive officer of the $8 billion gaming conglomerate and highest valued gaming company in India. Jain was speaking at the India Gaming Convention in the national capital on October 14.
India is expected to become the world’s largest gaming market by 2028, and the Indian gaming industry, which hit $3.1 billion in revenue in FY23, is expected to touch $7.5 billion by FY28, as per a PwC report. However, this is significantly smaller than the global revenue, which stood at $342 billion in FY23 and is expected to hit $503 billion by FY28.
Jain emphasised that although India has around 500 million gamers, with projections of reaching 700 million in the coming years, the country's contribution to global gaming revenue remains under one per cent. This gap calls for urgent action from industry stakeholders and the government to address the issue and unlock the sector's potential.
He highlighted that regulatory hurdles are a key factor in widening the gap, with the future of gaming—largely driven by real-money gaming (RMG), which generates most of the revenue—hinging on the establishment of a comprehensive regulatory framework. He noted that clearer government regulations would not only stabilise the industry but also pave the way for adopting global best practices, and that Dream11 has been working with the government for quite some time on clarity on regulations and clear rules are expected soon.
Jain, who also serves as the Chair of the Internet and Mobile Association of India (IAMAI), called on industry players to adopt a unified approach to propel growth in the rapidly evolving gaming industry, rather than competing in isolation. He emphasized that India has the potential to become a leading esports nation, but achieving this requires clear direction and strong promotion from all stakeholders involved.