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'FDI in gaming industry will aid its growth'
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SME Times News Bureau | 17 Jan, 2017
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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