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Well china is a communist country so if they did get into the gaming industry the government of china would be in control of it. There would only be one developer being the government.

As for India they are a 3rd world country and i dont think they are economically powerful enough to develop games. Also i don't think they have the tools and resources to make games.

As for all the other things you said though i agree. Online community's would be way bigger and funnier. And the console's would have a much much bigger install base.