Following the presentation of the interim budget in February, Finance Minister Nirmala Sitharaman is set to present the Union Budget 2024 of the Modi 3.0 government in the Lok Sabha on July 23. The Budget session, running from July 22 to August 12, has sparked optimism within the esports industry for the coming year.
With its recognition as an official multi-sport event by the government, esports and video gaming in India have surged in popularity and gained mainstream attention. While Prime Minister Narendra Modi has championed the sector’s growth, numerous states across the country have supported this development by organizing tournaments and collaborating with various esports organizations.
Additionally, India’s participation in the debut of esports as an official medal sport at the Asian Games 2022 and the potential creation of the Olympic Esports Games have further elevated its status as a modern sport alongside traditional sports.
Akshat Rathee, Co-founder and MD of NODWIN Gaming: “Gaming and esports have different needs and demands in the budget. With esports now under national and international sports federations, esports would benefit from an increased investment in the sports budget and inclusion in national games such as Khelo India. Esports has the potential of winning India medals in international sports competitions. Gaming would benefit from the allocation of budgets for centres of excellence under the AVGC policy of India where game development and associated businesses can create jobs and increase India’s soft power in content for the youth worldwide”
Roby John, CEO and Co-founder of SuperGaming: “The video gaming and esports industry holds high expectations for policies that will bolster economic growth and innovation in India. The gaming sector has seen exponential growth, driven by a young, tech-savvy population. We hope the upcoming budget will recognize this potential and introduce measures that support game development, infrastructure, and talent development. Tax incentives for developers, investment in infrastructure, and support for local studios can position India as a global gaming leader. The gaming community looks forward to a budget that acknowledges our contribution to the economy and supports our growth trajectory.”
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Mr. Vishal Parekh, Chief Operating Officer, CyberPowerPC India: As we approach the upcoming budget session, there is a tangible sense of anticipation within the tech and video gaming industries of the country. We are optimistic that the government will recognize the potential of this sunrise sector and support its growth. We hope to see policies that encourage domestic manufacturing of gaming hardware, provide incentives for local production, and reduce import duties on essential components. This would ensure that our gamers are equipped with advanced gear.
The gaming and esports sectors hold immense potential for career opportunities for the youth, which in turn encourages more investments in digital infrastructure, such as faster internet connectivity and wider broadband penetration. This will be crucial in ensuring that gamers across the country have access to seamless and immersive gaming experiences. The government can further fuel the gaming hardware industry by introducing subsidies for research and development in gaming technology and establishing special economic zones dedicated to the production of PC gaming equipment.
Additionally, we look forward to initiatives that promote skill development and foster innovation in the gaming sector, enabling India to become a global hub for gaming talent and technology. At CyberPowerPC India, we are committed to delivering cutting-edge gaming solutions. We hope that the forthcoming budget will provide the necessary impetus to drive the gaming industry’s growth further in India, as the gaming sector has been one of the fastest growing sectors in the past 5-7 years in our country.”
Rajan Navani from JetSynthesys shared his thought, “The esports and video gaming sector in India is brimming with potential. We have a massive pool of talented gamers, but to truly compete globally, we need targeted support in the upcoming budget. This includes tax breaks for studios creating original esports and video gaming content, investment in infrastructure to foster development of high-quality games, and initiatives to cultivate a skilled esports workforce. By prioritizing these areas, we can turn India into a powerhouse for both esports athletes and video game development.
Investing in AI, R&D, and fostering educational partnerships will be instrumental in propelling skill development and creating exciting new job opportunities within the esports and video game development sectors. Recognizing gaming as a sector driven by intellectual property (IP) and providing support for startups will be a significant step towards solidifying India’s position as a global gaming leader. Bharat can lead the world establishing Gamertainment as the future of media and entertainment, combining advanced digital technologies and premium content.
By fostering a collaborative environment with industry leaders and championing cutting-edge technologies, the budget can unlock the true potential of the sector. Targeted investments and supportive policies for game development will stimulate innovation and economic growth. With a forward-looking approach, we can ensure the sustainability of the esports and video game development industry and solidify India’s leadership in the global gaming arena.”
Editors pick
