Indian games industry has grown by 16% YoY in 2012, MCV India has reported. These figures come from Indian Media and Entertainment Industry Report and the projections for future are quite good as well.

The industry was worth $277 million last year, and will reach $776 million by 2017, according to the report.

Good news for console gaming, though. The report estimates that it will be the leading segment even after the rise of mobile and social gaming for years to come.

However, it did record lower than expected growth of about 8% in 2012 and was due to ‘overall sluggishness in the economy impacting both unit sales and attach ratios.’

The blame for that fell on the discontinuation of the PS2, which was doing quite well in developing markets like India. It probably wasn’t feasible for the platform holders to continue with it because the PS4 was on the horizon and it was about time they pushed the PS3 in such markets.

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