The Indian government is optimistic about the online gaming sector, with Prime Minister, Narendra Modi, himself strongly believing that it plays a vital role in the digital economy and warrants encouragement and support, as stated by the country’s IT Minister.
According to an Economic Times report, Rajeev Chandrasekhar, Union Minister of State for IT, emphasized that the government intends to move towards permitting safe and trustworthy gaming practices once it enters its third term after the 2024 general elections.
“The perception of this sector is clouded by the presence of other undesirable elements such as real money gambling and money laundering. Therefore, we are progressively working on establishing a regulatory framework… I urge all entrepreneurs to remain confident,” stated the minister.
Addressing the recent Paytm crisis, he cautioned that India’s sectoral regulators will continue to vigilantly monitor and intervene to restrain entrepreneurs who overstep legal boundaries in pursuit of growth.
“Regardless of being a dynamic and successful innovator, one cannot ignore the fact that there are rules and regulations that must be adhered to. This applies to companies of all sizes, whether they are startups, established firms, foreign, or domestic,” emphasized Chandrasekhar.
Recently, the Indian revenue secretary Sanjay Malhotra announced that the Goods and Services Tax (GST) Council will reassess the decision to impose a 28 percent taxon the full face value of online gaming, but only after March 31.
