India’s online gaming market grew by 23% in FY24 despite GST burden: Report

India’s gaming market grew 23 per cent year-on-year (Y-o-Y) by revenue to $3.8 billion in financial year 2023-24 (FY24), despite the newly imposed 28 per cent blanket goods and service tax (GST) on online gaming, according to a report by gaming-focused venture capital firm Lumikai.

With sustained growth in in-app purchases and ad revenue, the gaming market is expected to cross $9.2 billion by FY29, growing at a five-year compound annual growth rate (CAGR) of 20 per cent, Lumikai’s ‘State of India Interactive Media and Gaming Research’ said.