In a recent statement, Indian Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, revealed that the Indian government strongly supported the online gaming sector, citing its significance in driving the digital economy forward. According to Minister Chandrasekhar, Prime Minister Narendra Modi firmly believes in the sector’s potential and advocates for its encouragement and support.
Chandrasekhar outlined the government’s plans to develop a regulatory framework that promotes safe and trusted online gaming, particularly emphasizing the need to distinguish it from activities like betting and money laundering. He assured entrepreneurs of the government’s commitment to creating conducive policies for growth.
However, Chandrasekhar also cautioned against regulatory complacency, citing recent events like the Paytm crisis. He emphasized the importance of adhering to laws and regulations, regardless of a company’s size or success.
The minister also discussed challenges faced by startups like Byju’s, attributing their struggles to rapid expansion without establishing necessary corporate discipline. He highlighted the importance of learning from past mistakes to ensure sustainable growth.
Regarding regulatory hurdles faced by mobility startup Ola, Chandrasekhar noted that disrupting traditional sectors often invites resistance, particularly from politically connected stakeholders.
On a positive note, Chandrasekhar shared news of significant investments in semiconductor manufacturing, signaling a potential breakthrough after decades of missed opportunities. He highlighted India’s growing presence in chip design, with numerous startups emerging.
The Mumbai Tech Week, attended by industry leaders from companies like Microsoft and Meta, it showcased India’s AI development prowess. Puneet Chandok of Microsoft emphasized India’s central role in the AI landscape, with a significant portion of global AI projects originating from the country. Sandhya Devanathan of Meta underscored AI’s transformative potential in enhancing brand-user interactions across platforms like WhatsApp Business and Instagram.
