The Indian gaming industry is uniting to draft a common code of conduct, distinguishing it from a previously signed voluntary code of ethics. Signed by key associations in December 2023, the voluntary code focuses on consumer choice and a healthy gaming environment. Amidst challenges such as high taxation and regulatory changes, this unified effort seeks to strengthen the industry’s standing while anticipating substantial growth in upcoming years.
Several gaming industry associations in India are collaborating to establish a common code of conduct aimed at enhancing ethical practices within the sector. This effort contrasts with a previously signed voluntary code of ethics, which was endorsed by organizations such as the All India Gaming Federation (AIGF) and the Internet and Mobile Association of India (IAMAI). The voluntary code, signed in December 2023, emphasizes good faith adherence to principles such as fostering consumer choice and ensuring an informed gaming environment.
The motivation behind formulating a unified code is to present a cohesive front in the face of regulatory challenges, including high taxation and fluctuating policies regarding skill and chance-based games. Industry executives have indicated that exhibiting solidarity is crucial for addressing these obstacles while driving the market forward. The Indian gaming sector is projected to witness significant growth, with the country’s gaming market predicted to expand rapidly, accounting for a majority of newcomer gamers in Asia and the MENA regions by 2028.
The gaming industry in India is experiencing rapid growth, driven by increasing consumer interest and participation. In 2023, a report from Niko Partners reported that the gaming market across Asia and the MENA regions generated approximately $85.5 billion in revenue. As the demand for gaming rises, the necessity for operational guidelines becomes evident, motivating industry associations to explore a formal code of conduct. Challenges like retrospective tax laws and inconsistent regulations compel the gaming industry to form a united stance to foster a positive landscape for growth and innovation.
In conclusion, the initiative to create a common code of conduct among Indian gaming associations signifies a progressive step towards establishing ethical standards in the rapidly evolving gaming landscape. This collaboration aims to address industry challenges while promoting consumer welfare and market growth. With India projected to be a leading force in the gaming sector by 2028, these efforts may prove vital in navigating the regulatory landscape and enhancing consumer trust.
Original Source: m.economictimes.com
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