(MENAFN- Live Mint) New Delhi: The Department for Promotion of Industry and Internal Trade (DPIIT) has entered into a two-year partnership with social gaming platform WinZO to boost India's position in the global gaming market, a senior commerce ministry official said on Tuesday.

This collaboration aims to nurture over 2,000 startups, innovators, and students in the interactive entertainment space through mentorship, workshops, accelerator programmes, and hackathons to capture a larger share of the $300 billion global gaming industry.

Central to this partnership is the establishment of a Center of Excellence (CoE), a key initiative designed to create a skilled, industry-ready workforce and foster innovation in the online gaming sector.

“The CoE, built in collaboration with DPIIT, will address the challenges of talent gaps and monetization of Indian gaming assets, contributing to the creation of 'Made in India' intellectual property for export and attracting foreign direct investment (FDI),” said
Sanjeev, joint secretary, DPIIT.

According to a report by the US-India Strategic Partnership Forum, India's interactive entertainment market is expected to grow to $60 billion by 2034, generating over 2 million jobs.

According to a report by gaming-focused venture capital firm Lumikai, India's gaming market grew 23% year-on-year by revenue to $3.8 billion in 2023-24 despite a newly imposed 28% blanket goods and service tax (GST) on online gaming.

“This partnership marks a crucial milestone in making India a global leader in interactive technology. It reflects our commitment to empowering startups, fostering innovation, and creating products that meet global standards in the gaming industry,” said
Sanjeev.

“We are developing not only startups but also a pipeline of talent and innovation that will position India as a key player in the global gaming industry,” added Sumeet Kumar Jarangal, director of Startup India at DPIIT.

The collaboration is a crucial step towards building a world-class ecosystem that positions Indian products and intellectual property on the global stage, Saumya Singh Rathore, co-founder of WinZO, said in the statement.

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