Gaming is the latest Buzz in India

India’s nascent $30 million gaming industry is set to grow to $700 million in the next five years, driven by global companies that are pushing new generation gaming consoles in the Indian market, industry watchers said.

Microsoft Corp launched its XBox 360 in India in September 2006, the premium version retailing at Rs 24,000, without taxes. In April this year, Sony Corp lauched its Playstation 3, priced at a hefty Rs 39,990, complete with the latest blu-ray formatted optical disc drive.

The third major console maker Nintendo’s Wii has not been officially launched in India, but is sold through various channels at a substantial discount to the Xbox and the PS3.

“The main drivers for the growth of the gaming industry in India would be seeding initiatives by the players, marketing and pricing of the games — which is an important aspect in India,” said Rajesh Jain, executive director, KPMG.

He said India’s gaming market would go to $650 to 700 million in about four to five years from $30 million now, including the grey market