The Indian Gaming Industry Will Re-Pivot After GST Says RMG Experts
Recent announcement by the Finance Ministry that 28% GST (Goods and Services Tax) would be levied on online gaming, casinos and horse racing from 1st October 2023 took many by surprise. Even though this would undoubtedly have a significant impact on these industries, the online gaming industry remains optimistic that it will continue to grow from strength to strength.
In recent years, the Indian gaming industry has grown at a healthy rate. Crores of players log in every day to play games like rummy, poker, and ludo. These online gaming apps not only give them the opportunity to have some fun but also win big. What makes them stand apart from other online games available globally is that the former is generic and designed for the world audience but Indian gaming apps are customised for local sensibilities.
Indian gaming industry is estimated to be worth $2.8 billion
In fact, according to a report from The Economic Times, the “Indian gaming industry is estimated to be worth $2.8 billion at the end of 2022-23 and is expected to grow at a compound annual growth rate of 27% over the next five years.” In other words, it’s serious business.
While the announcement of the updated GST Policy for Online Gaming has caused concern for those within the gaming industry, especially real money gaming apps, the industry as a whole remains upbeat. As per The Economic Times report, industry insiders say the key is to pivot and grab every opportunity that arises as a result of this change.
So, how are industry stakeholders preparing for this change? By putting players and their needs first. Successful businesses are only successful as long as they are able to not only adapt to change but also enthusiastically utilise every given opportunity to evolve. This means putting players at the forefront and making sure that they are provided the best possible experience. Because when players are satisfied, they will support the platform enthusiastically. Everyone wins.
What’s Next for Gaming Firms in India
That’s why many companies in the industry are working round-the-clock to come up with tangible solutions that will minimise the impact on players. From new products and services to even restructuring entire business models, the companies that will be able to pivot during this critical period will also be the ones that will take the gaming industry forward in years to come. Intelligent foresight, personalised and effective messaging, and bullish implementation of rewards and services will hold the key to the industry’s success.
Technology will also play a huge role in how the real cash rummy industry adapts and grows in the future. Companies will be wise to employ cutting-edge technology in the implementation of new benefits alongside improving upon existing gameplay experiences.
As more people turn to this industry for entertainment and excitement, companies should be ready to provide them with just that and more. Much like how the e-commerce industry has adapted to various changes and become indispensable, this is an opportunity for the Indian gaming industry to solidify its position as an integral part of India’s economic future. And, given the dedication of all stakeholders involved – experts are confident in this happening.