Finance Minister Nirmala Sitharaman presented the Union Budget 2024 of the Modi 3.0 government. Indian esports and gaming industry expressed enthusiasm for the key measures aimed at boosting the sector. Here are some notable highlights:
Infrastructure Developments in Bihar: New airports, medical facilities, and sports infrastructure were announced for Bihar. This is particularly significant as the Bihar State Sports Authority (BSSA) recently organized its first-ever ‘State Esports Open Championship’ at the Patliputra Indoor Stadium in Patna, featuring popular titles like Battlegrounds Mobile India (BGMI), Real Cricket 24, and FIFA 23. The state has also opened a tender invite for establishing a project monitoring unit to promote esports.
Reduced Customs Duty on Mobile Devices: The Finance Minister noted the maturity of the Indian mobile industry and proposed reducing the Basic Customs Duty (BCD) on mobile phones, mobile PCDA (Printed Circuit Design Assembly), and mobile charges to 15%. Given that India is one of the fastest-growing gaming markets globally, dominated by mobile gaming according to Niko Partners, the increased affordability of smartphones is expected to further accelerate this growth.
Abolition of Angel Tax for Startups: The government announced the abolition of the Angel tax for all classes of investors in startups. This move is expected to significantly benefit budding gaming and esports entrepreneurs, providing them with much-needed relief and encouraging further growth and innovation within the sector.
The Indian esports and gaming industry is optimistic that these measures will create a conducive environment for growth, innovation, and investment, solidifying India’s position as a global gaming powerhouse.
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Indian esports industry stakeholders shared their views on how these measures will play a crucial role in the development of the sector:
Akshat Rathee, Co-founder and MD of NODWIN Gaming: We’re happy to hear the Hon’ble Finance Minister’s announcement to rollback the Angel tax for all investors in today’s Union Budget. This move will create a vibrant environment for startups across the nation and is a major boost for Indian gaming and esports entrepreneurs, leading to more opportunities as well as higher engagement with the youth. The plan to simplify FDI rules and promote the use of the Indian Rupee for overseas investment is a promising approach that will encourage global entertainment giants to invest in India, further strengthening our position as a global cultural and entertainment destination.
For esports, focusing on enhancing sports infrastructure in Bihar is a positive step since the state has already shown its commitment to integrating esports into mainstream sports. This additional government support will help nurture young talent and promote esports as a new-age sport nationwide.
Additionally, reducing the BCD on mobile phones, chargers, and PCDA will make smartphones more affordable, which is fantastic for mobile gaming enthusiasts. This will boost mobile gaming adoption within the nation and further strengthen India’s position in the global mobile gaming market, bringing us closer to becoming the largest. Overall, we’re excited to dive into these opportunities to drive growth and make waves.
Roby John, CEO and Co-Founder of SuperGaming: “Today’s Union Budget, presented by Finance Minister Nirmala Sitharaman, offers multiple benefits to the country’s video gaming ecosystem. The reduction in basic custom duty on mobile phones is a move that will make smartphones more affordable, which is excellent news for India’s extensive mobile gaming community. For our upcoming game, Indus, and other games in the market, this means reaching a broader audience and accelerating growth in the mobile gaming sector.
Additionally, the removal of the Angel tax is a major boost for the entire startup ecosystem. This will give relief to more gaming and esports entrepreneurs who want to bring their innovative ideas to life, thereby strengthening the gaming and esports ecosystem in India. Overall, we are confident that these measures will propel India’s tech and video gaming industry, bringing India’s gaming culture forward”
