The Union Cabinet has appointed the Ministry of Electronics and Information Technology (MeitY) as the administrative authority for the online gaming industry. With this latest development, the government will now be able to regulate betting and gambling sites in India.
Through MeitY, the government is willing to publish rules and regulations for the online gaming industry to secure legality and innovation in the coming time.
According to an Economic Times report, experts associated with this industry are hoping that the February 2023 budget will provide a clear vision of the government regarding this field. The union budget is also expected to bring clarity on taxation faced by online gaming companies.
The absence of a central agency earlier created hardships for gaming companies. Some states considered online gaming as betting and suggested a ban on it.
Keeping the situation in mind, gaming companies were seen to welcome the new development. Roland Landers, the chief executive officer of the All India Gaming Federation (AIGF), said, A nodal ministry for online gaming has been a long-standing demand of the industry and we welcome this move. This will make it easier to come up with uniform regulations and an eventual comprehensive central framework.”
Joy Bhattacharjya, the director general of the Federation of Indian Fantasy Sports, said, “The appointment of MeitY as the central regulatory authority will provide clarity and certainty to investors, industry and consumers."
“The decision is in line with the government's initiative to push for growth of the animation, visual effects, gaming and comics (AVGC) sector and making India a global hub for online gaming. We are sure that the online gaming industry will grow responsibly under MeitY's guidance. The industry is looking forward to working with MeitY in creating a well-balanced regulatory framework." he added.