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'FDI in gaming industry will aid its growth'
New Delhi, Jan 16 - The All India Gaming Federation (AIGF) has suggested allowing Foreign Direct Investment in the Indian gaming industry, which it says will open the doors to superior technology providers and shall aid its growth.
Currently 13 Indian states offer lottery, six states allow horse racing, and two states currently allow and offer some sort of casino based gaming.
In August 2015, the Indian casino market likely generated approximately Rs 500 crore (approximately $75.7 million USD).
In spite of the available and attractive legal gaming opportunities spread throughout the country, this industry is yet to realise its full potential. Despite this fact, millions of Indians still partake in some form of gambling each year by visiting casinos abroad, leading to their money moving to wallets outside India, which if contained can generate revenue for the States, with respect to tax, the AIGF said in a statement.
Without access to an appropriate amount of attractive gaming facilities today, the Indian gaming market is far from reaching its potential. In the long term, Indian States and the federal government must consider and recognize the significant economic contributions that integrated casino resort developments can bring to their communities in the form of job growth, tax revenue and tourism. One of the most efficient ways to do the same is by allowing Foreign Direct Investment which will open doors to superior technology providers & shall aid in the growth of gaming industry which at present is at a nascent stage, it said.
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