The Indian games industry is expected to grow by 38 per cent to Rs 18 billion ($359m) in 2012 and to a staggering Rs 46 billion ($917m) by 2016.
Console gaming was the biggest revenue earner in 2011, accounting for 55 per cent of the market.But this does not include illegal imports. Also, console penetration is at just two per centof urban television households, compared to a global average of13 per cent - highlighting the opportunity for further growth in the future.
Mobile gaming is growing fast and was worth Rs 4.3 billion ($86m) in 2011 - up 55 per cent on 2010. The sector will be worth Rs 17 billion ($340m) by 2016.
The packaged PC games market is plagued by high piracy. The legitimate packaged PC games market is estimated at Rs 381 ($8m) in 2011. This is expected to grow 18 percent annually to reach Rs 870 million ($17m) by 2016.
Set-top box gaming generated revenues of Rs 350 million ($7m) in 2011. It is expected to grow 25 percent to over Rs 1 billion ($20m) by 2016.
The news comes as the first daily news and community resource for trade and consumers across India will go live during the build-up to the world's biggest games show this summer.
MCV India will officially launch just ahead of E3 in Los Angeles and offer English language, locally-derived content.
Mumbai-based Sameer Desai has been appointed editor. The GQ India columnist and IndianVideoGamer co-founder will work alongside launch publisher Chris Stanton-Jones, who was formerly head of emerging markets for Sony Computer Entertainment Europe.
According to the FICCI-KPMG Indian Media and Entertainment Industry Report 2012, the Indian games business was valued at Rs 13 billion ($259m) in 2011 - up 30 per cent annually.
"MCV India will launch ahead of E3 and is a long-term commitment to this exciting market," said Intent Media boss and MCV publisher Stuart Dinsey.
"We will have the leading games industry sites in the UK, Pacific, Nordic and India. We offer local content and targeted opportunities for our partners.
"MCV UK hit a staggering half a million readers in March and we look forward to rapid growth in the other regions through the second half of the year."
To sign-up for the completely free MCV India News Digest email service, which will launch in conjunction with the main MCV India website, email firstname.lastname@example.org your name, job title, company name, nature of your company's business and the country in which you're based.