- Gaming emerges as a core pillar of India’s USD 1 Trillion Digital Economy Vision
- Sector poised to create 2 million jobs, unlock USD 26 billion in investor value
May 1st 2025 — India today unveiled the India Gaming Report 2025, a comprehensive industry outlook co-developed by WinZO and the Interactive Entertainment and Innovation Council (IEIC), outlining a bold vision to scale the Indian gaming industry to USD 60 billion by 2034. Released during WAVES 2025, the country’s premier media and entertainment summit, the report positions gaming as a cornerstone of India’s digital economy strategy.
With a current valuation of USD 3.7 billion (2024), the industry is expected to grow at a CAGR of 19.6% through FY29, reaching USD 9.1 billion by 2029. The sector currently supports over 1,888 companies, employs more than 130,000 professionals, and serves nearly 600 million users—a figure projected to rise to 952 million over the next five years.
Unlocking Global Leadership Through Innovation and Exports
The report underscores India’s potential to transition from a consumption-driven market to a global hub for gaming innovation and IP exports. Key projections include:
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Creation of over 2 million high-skilled jobs
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Unlocking USD 26 billion in investor value through IPOs within the next three years
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Expanding India’s share in the global gaming market from 1.1% to 20% by 2034
“The India Gaming Report 2025 signals India’s evolution into a global producer of gaming IP, supported by strong domestic demand and growing international competitiveness,” said Paavan Nanda, Co-founder, WinZO, at the report launch.
A Made-in-India Monetization Model: Pay-to-Play
The report highlights the emergence of Pay-to-Play, a monetization model rooted in India’s Unified Payments Interface (UPI), as a transformative force for the industry. More than 90% of the USD 3 billion in FDI attracted to date has flowed into this segment.
Pay-to-Play has effectively bridged monetization gaps in a market where traditional models—such as in-app purchases and ad revenues—have proven limited. This innovation has provided the financial backbone for Indian gaming companies to scale both domestically and globally.
Gaming Outpaces Other Digital Media Segments
Accounting for 29.6% of India’s USD 12.5 billion new media market, gaming now surpasses OTT, audio, animation, and social media in scale. Globally, the USD 300 billion gaming industry is already larger than the combined film and music industries.
The report cites international examples such as Finland, Israel, and Turkey—countries that derive over 90% of gaming revenues from exports despite their smaller populations. India’s massive domestic base combined with its growing development capabilities presents an opportunity to replicate and exceed this success.
Regulatory Clarity as a Catalyst
In his foreword to the report, Hon’ble Minister of Commerce and Industry Shri Piyush Goyal emphasized the strategic importance of gaming in India’s digital future. “Under the visionary leadership of Prime Minister Shri Narendra Modi ji, India is poised to lead global digital innovation. Gaming will be integral to our USD 1 trillion digital economy aspiration,” he noted.
The report stresses that regulatory clarity, progressive taxation, and policy support will be essential to unlocking the next phase of growth. Citing Nazara Technologies—the only publicly listed gaming company in India—as an example, the report notes that the sector could command valuation multiples that unlock USD 26 billion in investor value through upcoming IPOs.
“The Indian gaming sector exports bytes, not boxes. It is uniquely positioned to lead in the borderless digital economy,” added Nanda. “With the right push, India can become a dominant force in global IP creation, contributing significantly to the world’s digital entertainment ecosystem.”
The release of the India Gaming Report 2025 coincides with a pivotal moment for the industry, as global leaders converge at WAVES 2025, reaffirming India’s growing influence in the global media, entertainment, and gaming landscape.
