Source: The post is based on the article “New rules on online gaming” published in Indian Express on 18th January 2023.
Syllabus: GS 2 –
News: Recently, Union Ministry of Electronics and IT released the draft rules for online gaming for public consultation.
Need for new rules?
India’s share of the global online gaming industry is currently just 1 per cent. However, it is expected to rise at a very high pace.
According to industry estimates, in 2020, the worth of India’s online gaming industry was around $1.8 billion. With a 38 per cent compounded annual growth rate (CAGR), the industry is expected to grow to $5 billion by 2025.
There are about 400 million online gamers in India and their numbers are expected to grow to 450 million by 2024.
The self-regulatory approach could help attract investments that has, been very subdued due to the variety of conflicting legal positions across states.
WHat more can be done?
The regulatory approach will have to target the menace of offshore gambling platforms and illicit entities that advertise their products in several media. The onus is on the SROs to ensure a healthy ecosystem for online gaming.