The highly anticipated Union Budget 2024 was finally announced by the Finance Minister Nirmala Sitharaman. Just like any other leading industry, the online gaming sector was anxiously waiting to get more clarifications on the tax regime and regulations that will streamline and lead to more growth and development in this space.
However, many experts and industry leaders feel that the much needed relief did not come and the online gaming sector was not addressed as it was anticipated. Take a look at the industry reactions from the online gaming sector below.
“Today’s interim budget announcement may not have directly addressed the needs of the gaming industry, however the clear focus on technology and the youth is one that we deeply appreciate.”
“We believe that the announcement proposing long term financing for the sunrise sectors to scale up on research and innovation will be beneficial for the technology and startup sector as a whole including the gaming and game-development sub-sectors. We are hopeful for more concrete and decisive measures addressing the online gaming industry in the upcoming Union Budget.”
“We urge progressive budgeting to empower responsible online gaming, aligning with AVGC policies and fostering self-regulation, as recommended by the I&B Ministry’s AVGC Task Force. This will unlock industry potential and benefit the economy, players, and creators.”
“As the apex industry body, we are committed to working with policymakers to create an enabling environment for the gaming sector’s growth and innovation. Our industry has immense potential, and we look forward to constructive policies that will drive its development in the union budget.”
“It is very encouraging to see that this year’s budget places a significant emphasis on empowering the youth. The online gaming industry has consistently played a pivotal role in providing opportunities for our talented young individuals. The initiatives announced by the Hon’ble Finance Minister are poised to make a huge impact in cultivating a skilled workforce in the AVGC sector. This will not only pave the way for the next tech revolution from within India but also help realise our vision of making India ‘Viksit Bharat’ by 2047.”
Before the Union Budget 2024 was revealed, many industry trackers were expecting further clarity on the taxation since the new 28% GST was imposed on the online gaming sector and implemented from 1st October 2023.
Watch Live: Smt @nsitharaman presents Union Interim Budget 2024 in Parliament. @PIB_India @FinMinIndia @MIB_India @sansad_tv @cbic_india @IncomeTaxIndia@DFS_India#ViksitBharatBudgethttps://t.co/IYMtzTooQy
— Nirmala Sitharaman Office (@nsitharamanoffc) February 1, 2024
Lokesh Suji, Director, Esports Federation of India and Vice President, Asian Esports Federation was quoted by Business Standard saying, “For establishing the infrastructure necessary for the industry’s development and to nurture an esports ecosystem that positions India as a global esports hub, we hope to see a dedicated allocation of funds for the esports sector.”
Further, industry experts were also hoping that the government will allot dedicated funds towards the growth, development and infrastructure of the gaming industry. Gamezop’s Co-founder, Gaurav Agarwal who was quoted calling the Budget ‘crucial’ for the online gaming industry.
MPL’s Namratha Swamy was also quoted before the Budget 2024 announcement talking about the next phase of growth for the gaming sector. She reportedly said, “Clarity is crucial for driving the next phase of growth, as it will not only provide a conducive environment for businesses but also revive investor confidence in the sector.”
Swamy further spoke about having courses in gaming and added, “These courses will play a pivotal role in nurturing the next generation of game developers and professionals, ensuring a steady supply of skilled talent to fuel the industry’s growth.”
Stay tuned for more industry reactions on the Union Budget 2024 with respect to the online gaming sector only on Gutshot Magazine.
With a Masters Degree in Journalism and Communication, Mrinal Gujare currently is cruising through an exciting genre of writing and editing at Gutshot Magazine. Apart from being an Editor, Mrinal is an avid reader and a former contemporary dancer. She is also perennially hungry for intriguing scoops from across the globe. No holds barred is the rule Mrinal follows in life.