Indian Esports Industry's Pre-Budget Expectations For Growth of Video Gaming Industry In 2024
The Union Budget is around the corner and the gaming industry has high hopes from it. Read what industry leaders are expecting from the budget.
Esports, which has officially been recognized as a multi-sport event by the Indian government, has experienced a remarkable upsurge in popularity and prominence in the past year.
The debut of Esports as an official medal sport in the Asian Games 2022 and its potential inclusion in the Olympics has not only elevated its status but also opened up avenues for growth, investment, and sponsorship within the sector.
With Finance Minister Nirmala Sitharaman scheduled to present the interim Budget for fiscal 2024-25 in the Lok Sabha on February 1, there is a sense of optimism for the Esports industry in the upcoming year.
The allocation of funds for the Esports industry from the government will help nurture talent, build the necessary infrastructure, and foster an ecosystem that enables the sector to thrive.
As we eagerly anticipate the Union Budget 2024, please find below the quotes of India's Esports and video-gaming industry's stakeholders in regard to their pre-budget expectations that will contribute to the growth of the Indian gaming ecosystem:
Mr. Animesh Agarwal, Founder & CEO of 8Bit Creatives and Co-Founder of S8UL: "The Esports industry is growing at an impressive percentage and is only forecasted to grow. We hope for fair support and conducive policies from the government in the upcoming budget to further foster this growth." Mr. K.R.Rohith, CEO of Gods Reign, a leading Esports organization based in Bangalore "Recognizing the exponential growth of the video gaming industry, we hope for the government's consideration and support in encouraging educational programs by adding Esports into Educational Curriculums and skill development initiatives focused on gaming and Esports. This would contribute significantly to nurturing talent within the sector, aligning with the national agenda of promoting digital skills. In addition, we earnestly suggest the allocation of funds to each state government for the organization and promotion of State Esports Championships. This collaborative effort with prominent Esports organizations at the state level, starting from the school level to the national level, will undoubtedly contribute to the organic growth of Esports across the nation."
Mr. Rohit Agarwal, Founder & Director, Alpha Zegus, the next-gen marketing agency specializing in the domains of gaming & lifestyle:
"From budget 2024, one of the major steps I look forward to is more ‘Esports’ based activities moving to 18% slab (from 28% slab). Apart from this, I’m also looking forward to the government encouraging more state governments to assign budgets for the growth and promotion of Esports (similar to Bihar). Lastly, more regulations in terms of in-game and tournament winnings are expected to come in." Rajan Navani, CEO and Founder, JetSynthesys "Significant developments in artificial intelligence (AI) and other cutting-edge technologies have driven the video game business in India to remarkable heights in recent times. As a major contributor to India's digital economy, this burgeoning sector has served as a catalyst for innovation, skill development, and entertainment in recent times. Taking note of this potential, we urge the government to concentrate on projects that nurture talent in the gaming industry through partnerships with academic institutions and the introduction of workshops, courses, and skill-building initiatives centred around gaming. Such programmes have the potential to develop an efficient labour force as well as establish India as a worldwide centre for gaming expertise. In addition, a balanced strategy that addresses player and consumer protection issues without limiting innovation is essential to the sustainability of the online video game industry. However, the industry is projected to keep growing in 2024 due to developments in cutting-edge technologies such as augmented reality (AR), virtual reality (VR), and the metaverse. I think the industry will be crucial in providing opportunities for social engagement, economic empowerment, creativity, and social interaction." Also Read: Here's everything we can look forward to in Starfield in 2024! Also Read: Cyberpunk 2077 Devs tease their progress on an upcoming game for all you gamers!
