Mumbai: 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 23 July. The budget session, running from 22 July to 12 August, 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.
Stakeholders in India’s esports and video gaming industry are optimistc about their pre-budget expectations, which they said will contribute to the growth of the country’s gaming ecosystem
Nodwin Gaming co-founder, MD Akshat Rathee:
“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”
SuperGaming CEO, co-founder Roby John:
“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.”
CyberPowerPC India COO Vishal Parekh:
“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.”
Gamezop co-Founder Gaurav Agarwal:
“As India rises as the world’s fifth largest economy and the fastest-growing major nation, with record FDI secured in the past five years and significant progress in infrastructure and the digital economy, it remains a potent growth engine amidst global uncertainties. In the upcoming Union Budget 2024, prioritizing the growth of India’s export revenue is crucial. The gaming industry holds immense potential in this regard.
The global gaming market generates a staggering $200 billion annually. With supportive policies, India can become a major player. At Gamezop, we witness the power of gaming firsthand. We believe that implementing duty credit scrips for export-oriented gaming companies would signify a significant investment in high-skilled jobs, GDP growth, and global influence.
It’s time for India to evolve from being one of the largest content consuming nations to a content creating nation. The new government has a golden opportunity to not just participate in the game, but to redefine the rules for India’s advantage.”
