Congratulations @Rajeev_GoI. MeITY is now the Nodal Agency for online gaming matters! A nascent industry attracting millions of users and billions of dollars in FDI, needed stable policy, transparent rules for the entire ecosystem to thrive! Kudos
economictimes.indiatimes.com
economictimes.indiatimes.com
Based on some replies, I thought of adding more context to why I support regulating industry. Firstly any dept, ministry or regulator in India, always comes up with new rules/regulations only after they issue calls for stakeholder views. We have seen that many times here as well.
When a new regulation is issued, itβs built on the legislative intent, laws and the constitution. Then they go ahead and ask all stake holders their views. Then a policy/rules/regulations take a shape and then are implemented. I can cite some good examples for this
SEBI regulated the capital markets. And they come up with so many new regulations. In fact with pride we can say that our capital markets are the most robust and any wrong doing definitely attracts the market regulators glare and punishment. This helps the industry overall.
In online gaming industry, there was no regulator and what we saw is many cheap illegal and outright fraud players started operating. Many users got cheated and that probably brought wrong name to the entire market players. This was bad for the whole ecosystem.
What @Rajeev_GoI and @GoI_MeitY has done is they brought this new and nascent industry under the regulatory purview. This was the bad players now have a lot to worry about. While the good players who genuinely worked hard have nothing to worry as they have always been complaint.
The bad apples will now get segregated and the users now know what their rights are, what their duties are and what the gaming platforms have to comply with and how the entire ecosystem functions.
This will also add to the confidence shown by foreign investors in this sector.
This will also add to the confidence shown by foreign investors in this sector.
kudos to @Rajeev_GoI and @GoI_MeitY for taking the right step. As a player on many online gaming apps, I appreciate this move. We are happy that govt is thinking on lines to protect our interest as participants on these platforms. Would love to add my views in future as wellππ
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