India’s vision for a US$ 60 B gaming economy

India launched the much-anticipated India Gaming Report 2025, a study jointly developed by WinZO and the Interactive Entertainment and Innovation Council (IEIC), projecting India’s gaming sector to reach a staggering US$ 60 B market size by 2034. With a current valuation of US$ 3.7 B (2024) and a projected CAGR of 19.6% (FY24–29E), India’s gaming industry is on a high-growth trajectory, expected to cross US$ 9.1 B by 2029.

The sector is home to 1,888 gaming companies, employs over 130,000 people, and boasts a user base of ~600 M, set to rise to ~952 M by 2029. The report highlights that with the right regulatory, investment, and innovation ecosystem the sector can create over 2 M high-skilled jobs, creating Make in India Tech & IPs for export. Also, it can unlock US$ 26 B in investor value within 3 years through IPOs while increasing India’s share of the global gaming economy from 1.1% currently to 20% by 2034.

“The India Gaming Report 2025 reflects India’s shift from being a consumer to becoming a global producer and exporter of gaming IP” — Paavan Nanda, Co-founder, WinZO

“The India Gaming Report 2025 reflects India’s shift from being a consumer to becoming a global producer and exporter of gaming IP. With a vibrant domestic market and global ambitions, India can lead the next era of digital entertainment,” said Paavan Nanda, Co-founder, WinZO at the launch alongside WAVES 2025, India’s premier M&E summit.

Notably, the report highlights that over 90% of the ~US$ 3 B FDI attracted by India’s gaming sector to date has been directed towards the Pay-to-Play (Real Money Gaming) segment. Pay-to-Play is an Indian innovation—a microtransaction-based monetization model built on the success of India’s Unified Payments Interface (UPI)—and has proven pivotal in making the gaming sector financially viable.

Traditional monetization models, such as in-app purchases and advertising, have seen limited scalability in the Indian market relative to the scale of gaming content consumption. Pay-to-Play emerged as a uniquely Indian innovation that bridged this monetization gap, offering a sustainable model that fueled sector viability, attracted global investments, and accelerated the rise of Indian gaming companies both domestically and internationally.

Gaming today accounts for 29.6% of India’s New Media market (US$ 12.5 B), outsizing OTT, audio, animation, and social media. Globally, the USD 300 billion gaming industry already surpasses the combined movie and music sectors. The report draws attention to countries like Finland, Israel, and Turkey, which, despite their small populations, derive over 90% of gaming revenues through exports. India, with its vast domestic market and rising global competitiveness, stands at a unique inflection point — offering the potential to build a dual engine of domestic consumption and global exports, embedding Indian gaming IP into the world’s digital economy.

“Under the dynamic leadership of Hon’ble Prime Minister Shri Narendra Modi ji, India is poised to lead the next frontier of digital innovation. Gaming will be central to realizing India’s US$ 1 trillion digital economy vision,” said Hon’ble Minister of Commerce and Industry, Shri Piyush Goyal in his Foreword to the Report.

The Report also reinforces that regulatory clarity supporting innovation and supportive taxation policies will be critical for the sector’s next leap and unlock. With the right regulatory framework, Indian gaming companies could unlock unprecedented investor returns by accessing public markets, attracting FDI across sectors in India. Based on valuation benchmarks of India’s first and only publicly listed gaming company, Nazara Technologies, the sector could achieve a Market Cap/Revenue multiple capable of unlocking US$ 26 B in investor value within three years through IPOs of mature companies in the sector.

Nazara commands one of the highest premiums among globally listed gaming companies, underscoring the market’s confidence in India’s gaming potential.

“The Indian gaming sector exports bytes, not boxes—a unique strength in the borderless digital economy,” added Paavan Nanda. “With the right push, Indian gaming companies can dominate global IP creation in less than a decade, positioning India at the forefront of the $300 billion gaming economy in less than a decade. Built on peerless foundations, the sector is primed to unlock $25-30 billion in investor value in public markets within the next 2-3 years, cementing India’s dominance in the digital entertainment revolution.”

The launch of the India Gaming Report 2025 comes at a defining moment, as global M&E leaders gather in Mumbai for WAVES 2025, reinforcing India’s rising influence in the global media, entertainment, and gaming ecosystem.

Disclaimer: This article is based on a press release and has been published with minimal modifications for clarity and formatting.