India's gaming market is set to grow from about $30 million now (including the gray market) to $650 to $700 million in about four or five years, according to KPMG executive director Rajesh Jain.
Jain elaborated to Reuters
: "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."
The Premium version of Xbox 360 retailed for 24,000 rupees ($603) when it launched in September of last year, while the PS3 launched earlier this year for 39,990 rupees ($1004). Wii has yet to launch in the region, but is "sold through various channels at a substantial discount to the Xbox  and the PS3," according to Reuters.
A previous estimate
released by analyst group iSuppli in June said that India's gaming market is showing a "steeper curve" than recent years, forecasting that by 2010 the industry could reach $125 million, up from $13 million in 2006.
Despite the challenges, iSuppli says "the gaming console market is an indicator that demand is picking up for several electronics product segments that now are small in size. It also shows the interest by global electronics companies in tapping into the opportunities available in India."
Gamasutra conducted an interview with consultant Gunjan Bagla
earlier in 2007 which includes further detailed information on the burgeoning Indian video game market.