Union Budget 2023 for Online Gaming and Esports – KRAFTON, inc India CEO Sean Hyunil Sohn shares his Pre Budget expectations: A historic move took place when the Government of India officially recognized esports in the country. Esports, commonly known as Electronic Sports will now be a part of the “multisports event” category in the country under the Ministry of Youth Affairs and sports. With the next Union Budget coming in a few days, KRAFTON, inc India CEO Sean Hyunil Sohn shares his expectations. For future updates on Gaming and Esports, follow InsideSport.IN
Union Budget 2023 for Online Gaming and Esports
Expenditure on the Department of Sports under the Ministry of Youth Affairs and Sports has witnessed an increase, which is from Rs 657 crore in 2011-12 to around Rs 1,749 crore in 2021-22. According to several budget estimates, this has gone up further to Rs 2,123 crore in the year 2022-23. The Finance Minister of India, Nirmala Sitharaman will present the Union Budget 2023-24 in Parliament on 1 February 2023. Meanwhile, here is what Sean Hyunil has to say on expectations from this year’s budget in regard to this rising sector.
KRAFTON, inc India CEO Sean Hyunil Sohn shares his Pre Budget expectations
Sean Hyunil Sohn, CEO, of KRAFTON, Inc. India said, ” The gaming industry is at the cusp of a major transformation and has seen several favorable measures from the government in the recent past. As indicated by the recent official recognition of Esports, the government is making provisions for the comprehensive growth of the sector and the 2023 Union Budget is expected to bring impactful allocations for the industry.
The next steps involve devoting resources to skilling, training, and creating career opportunities in gaming and furthering budgetary allocations towards AGVC to encourage industry collaboration and promote content creation. It is also the need of the hour to implement a fair taxation policy. With promising competitive talent when it comes to developers, programmers, AI capabilities, and more, India has the potential to emerge as a significant gaming hub and we hope the provisions of the 2023 budget allocate resources to boost the holistic growth of the industry.”
So, all eyes are now on the Union Budget 2023, which happens in a few days. Meanwhile. players can check out other stories regarding online esports and gaming. So, stay tuned. For future updates on Gaming and Esports, follow InsideSport.IN
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