New Delhi, March 16 (IANS): As the government has undertaken numerous initiatives to promote the growth of the gaming industry, smartphone gaming platform Gamezop CEO & Co-founder Yashash Agarwal on Saturday said the gaming sector in India is poised for explosive growth, propelled by a comprehensive government strategy.

To unleash its potential, Agarwal said that the government has fostered an attractive business climate by allowing 100 per cent Foreign Direct Investment (FDI), enabling overseas investors to collaborate with Indian gaming firms.

"The government recently achieved a milestone by officially acknowledging esports as a multi-sport event. This designation places esports under the Ministry of Youth Affairs and Sports, opening avenues for increased funding, sponsorships, and the professionalisation of the sector," the CEO told IANS during an interaction.

Gamezop is a multi-game platform that apps can integrate to add a gaming section for their users.

India boasts a massive gaming audience of 450-550 million players. In FY23, the Indian gaming industry generated $3.1 billion in revenue, marking a 19 per cent growth from $2.6 billion in FY22.

Recently, Gamezop announced the launch of four new products -- Quizzop, Newszop, Astrozop, and Criczop -- to enrich its suite of offerings for digital products worldwide.

When asked about the user response to Indian gaming, Agarwal said downloads and user engagement within gaming apps are skyrocketing, with projections suggesting the country will boast a staggering 650 million gamers by 2027.

He said that several factors contribute to this surge. "The affordability of smartphones and data plans, along with the availability of games in vernacular languages, as well as enhancements in browser technology," he said.

As per Invest India, the online gaming segment is the fourth largest segment of the Indian Media & Entertainment sector. It is expected to reach Rs 231 billion by 2025, growing at a CAGR of 20 per cent.